Shares of banks and other financial institutions ticked up as Treasury yields stabilized.
The financial sector has rallied in recent weeks as higher yields look set to boost profit margins on loans. Rapid shifts in the Treasury markets can destabilize other parts of the financial system, however, and that can hurt banks.
Federal Reserve Chairman Jerome Powell indicated that he isn't concerned about the recent rise in long-term bond yields, saying they appear to reflect growing optimism about the economy's prospects.
Shares of Citigroup fell after The Wall Street Journal reported that the U.S. banking giant expanded its business with embattled supply-chain finance firm Greensill Capital despite repeated warnings internally not to do so because of reputational issues.
U.K. bank HSBC Holdings plans to hire 3,000 branchless bankers in China to search prosperous coastal cities for wealthy clients who need advice on insurance and investments.
In a sign that volatility is likely to persist, shares of some of the most actively traded stocks on the market, including videogame chain GameStop and electric-car maker Tesla, tumbled.
Moody's Investors Service changed its outlook on the U.S. banking system to stable from negative to reflect the sector's improving operating environment and significant buildup of reserves.
Fund managers focusing on cryptocurrencies saw gains of 35% in February, according to an estimate from financial-services firm Eurekahedge.
Robinhood Markets, the popular securities-trading app, filed paperwork with the Securities and Exchange Commission for an initial public offering that's sure to be closely followed on Wall Street.
Write to Rob Curran at email@example.com
(END) Dow Jones Newswires
March 24, 2021 17:23 ET (21:23 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.