Shares of banks and other financial institutions rose as traders bet global markets would continue to thrive alongside major economies, despite recent fears about renewed Covid 19 restrictions.

One brokerage said the sharp selloff in U.S. stocks last Monday was to be expected after a long period of calm.

"No bull market is completely devoid of setbacks," said Angelo Kourkafas, a strategist at brokerage Edward Jones, in a note to clients.

"Even the second-longest bull market on record (2009-2020) had its share of blemishes. During that period, there were six 10% corrections driven by a variety of factors, including growth scares, trade wars, oil prices and shifts in Fed policy."

Insurance firms Aon and Willis Towers Watson abandoned a more than $30 billion tie-up to create the world's largest insurance broker, declining to push back against Justice Department opposition to the merger.

British bank Barclays recently overtook Swiss rival Credit Suisse Group in investment banking revenue, a sign that the U.K. bank's long, frustrated push to be a major player is making progress thanks in part to the troubles of its Swiss rival.

Italian money manager Azimut Alternative Capital Partners agreed to buy a stake in Pathlight Capital, an asset-based lender in Boston.

Leeds Equity Partners has nearly completed raising commitments for its seventh buyout fund and expects to wrap it up by the end of this month with $1.25 billion, Connecticut pension documents show.

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

(END) Dow Jones Newswires

07-26-21 1706ET