Shares of banks and other lenders and money managers moved higher with investors looking ahead to next week's meeting of Federal Reserve policy makers.
"There's probably some chance, with the Fed meeting next week, of a bit more of a 'let's-see-what-they-have-to-say' type of approach," said Jim Baird, chief investment officer of Plante Moran Financial Advisors. The big question is whether policy makers will come forward with details about their thinking around an eventual tapering of the Fed's bond-buying program, offering investors "more of a peek behind the curtain," he said.
Several Fed officials have said the Fed should begin contemplating when it would be appropriate to discuss easing up on purchases.
U.S. regulators pressed banks to stop using the London interbank offered rate on new transactions by the end of 2021, warning that firms aren't moving swiftly enough to replace the benchmark for hundreds of trillions of dollars in financial contracts.
BlackRock won approval from Chinese regulators to begin operations at its wholly owned mutual-fund business in the country, paving the way for the New York-based asset manager to start selling funds to individual investors in China before the end of this year.
A multipronged bet on AMC Entertainment boomeranged this month on Mudrick Capital Management, the latest hedge fund to fall victim to swarming day traders. Mudrick's flagship fund lost 10% in just a few days as a jump in AMC's stock price unexpectedly triggered changes in the value of derivatives the fund held as part of a complex trading strategy, people familiar with the matter said.
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(END) Dow Jones Newswires