Shares of banks and other financial institutions fell as traders assessed the odds of a pullback in bond buying by the Federal Reserve.
There is a "low chance of a taper advance notice at Jackson Hole," said analysts at money manager UBS Global Wealth Management, in a note to clients, previewing the Aug. 26-28 Wyoming central-banker conference where policy pivots have sometimes originated in the past.
Treasury yields fell, and the yield on the 10-year Treasury note is now more than half a percentage point from its March highs.
Wall Street broker Goldman Sachs Group agreed to buy the money-management operation of Dutch insurer NN Group for about $1.87 billion, as money managers bulk up in a business with increasingly tight margins.
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(END) Dow Jones Newswires