Shares of banks and other financial institutions rose after mixed earnings from the sector.
Profits dropped sharply at regional banks in the fourth quarter, including at the bigger ones that have generally fared better than their smaller peers during a period of struggles with commercial real-estate lending and souring Treasury investments.
Net income was down roughly 90% from a year earlier at KeyCorp, around 70% at Citizens Financial Group and more than 40% at PNC Financial Services Group. Truist Financial swung to a loss.
British billionaire Joe Lewis pleaded guilty to securities-fraud charges, resolving an insider-trading case in which prosecutors accused him of tipping off pilots, personal assistants and romantic partners about companies in which he invested.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-24-24 1810ET
