Shares of banks and other lenders and money managers gave back some of their recent gains after the Federal Reserve's June meeting minutes.
Fed officials last month reviewed how to design more support for an economy reeling from the coronavirus pandemic after they had earlier cut interest rates to zero and sharply expanded their asset portfolio.
Among the measures considered by the Fed was a strategy to cap yields on Treasury securities by committing to purchasing whatever amounts are needed to keep them at certain levels as a way to reinforce their intentions to keep rates low.
A review of stock charts suggest the 20% gain in the Standard & Poor's 500 in the second quarter bodes well for continued strength in the third quarter, said Ryan Detrick, senior investment strategist at brokerage LPL Financial, in a note to clients.
Write to Rob Curran at rob.curran@dowjones.com
