Shares of banks, lenders and other financial institutions rose as record highs in major stock indexes boosted shares of mutual-fund firms. The Dow Jones Industrial Average rose by more than 200 points to trade above 27,000 for the first time. "Sure, 27,000 is just a number and in the whole scope of things, isn't meaningful," said Ryan Detrick, senior investment strategist at brokerage LPL Financial, in a note to clients. "What it is though, is a reminder for all investors that this bull market has ignored all the scary headlines for years and the dual benefit of fiscal and monetary policy could mean it has a lot longer to go than most expect." Atlanta Federal Reserve President Raphael Bostic would not be drawn on his preference for rate policy ahead of the July meeting. In the latest headache for Deutsche Bank and the latest twist in the corruption saga swirling around Malaysia's 1Malaysia Development Bhd. fund, the U.S. Justice Department is investigating whether the German lender violated foreign corruption or anti-money-laundering laws in its work for the fund.
-Rob Curran, firstname.lastname@example.org