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Financials Down, But Hold Near Recent Highs, As Treasury Yield Gains Stick -- Financials Roundup

11/24/2021 | 05:20pm EST

Shares of banks and other financial institutions held near recent highs in the wake of minutes from the Federal Reserve's most recent meeting.

Fed officials signaled greater doubts at their meeting earlier this month over how long it would take for elevated inflation to abate and how soon they would need to raise interest rates to cool the economy.

The yield on the two-year Treasury closed at its highest level in more than a year.

The SPDR Financial Select Sector exchange-traded fund, which tracks the financial sector of the Standard & Poor's 500, is trading around all-time highs in anticipation of further increases in interest rates, which typically buoys growth.

JPMorgan Chief Executive Jamie Dimon apologized for a joke he made at a Boston College event about the largest U.S. bank by assets having the potential to outlast the Chinese Communist Party as both celebrated their centenary.

Separately, Morgan Stanley and JPMorgan Chase indicated that they will compensate their Hong Kong-based employees for quarantine hotel expenses incurred in returning to the city from certain types of personal travel.

Bridgewater Associates, the hedge fund founded by Ray Dalio, has raised the equivalent of $1.25 billion for its third investment fund in China, The Wall Street Journal reported.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

11-24-21 1719ET

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