Shares of banks and other financial institutions rose as an inflation panic on global markets subsided.
"After a week filled with rising pricing pressures and surging inflation expectations, alongside a slight reality check for some commodity prices, investors are starting to drink the Fed's Kool-Aid that inflation will be transitory," said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group.
The Justice Department said it charged insurance company Swiss Life Holding and affiliates with conspiring with U.S. taxpayers and others to conceal insurance policies and related policy investment accounts in banks around the world and the income generated in these accounts.
Federal Reserve Bank of Dallas President Robert Kaplan reiterated his call for opening a Fed board discussion on tapering bond purchases.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-14-21 1720ET
