Shares of banks and other financial institutions rose after earnings quelled some fears about private-credit markets.
Ares Management, one of the biggest players in the fast-growing area of direct lending to corporations, reported earnings in line with Wall Street forecasts, saying its December quarter net income was 41 cents a share.
Rivals such as Blackstone and KKR recouped some of the losses incurred Tuesday when investors grew concerned the lenders had made some miscalculations about the implications of AI for the software industry. Similarly, shares of financial-data firms such as S&P Global, MSCI, Intercontinental Exchange, London Stock Exchange Group and FactSet Research Systems recovered some losses sparked by the unveiling of startup Anthropic's new tools for automating legal tasks.
Republican Senator Tim Scott said he didn't believe Federal Reserve Chair Jerome Powell committed a crime in testimony that has become central to an explosive Justice Department investigation.
Hedge fund D.E. Shaw has joined activist investment firm Third Point pushing for big changes at CoStar Group, a major commercial real-estate information provider.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-04-26 1714ET
