Shares of banks and other financial institutions fell alongside Treasury yields.
The bond market may soon adjust to the recent up-tick in yields, according to one brokerage. "Higher yields with fast improving credit fundamentals are positive for the credit markets," said strategists at brokerage BNP Paribas, in a note to clients. "A fast and erratic yield increase represents a risk for credit spreads but that is usually short-lived."
Leon Black, the billionaire co-founder of Apollo Global Management, is stepping down as chairman of the investment giant in an unexpected move that is the latest in a governance overhaul kicked off by revelations of his ties to disgraced financier Jeffrey Epstein.
Knotel is set to appoint WeWork Vice Chairman Michael Gross as chief executive, as the real-estate startup seeks a turnaround after it filed for bankruptcy.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-22-21 1727ET
