Shares of banks and other financial institutions rose sharply as investors bet a slide in Treasury yields was close to an end.
Wall Street firms were divided on the likely duration of the depressed yields. Analysts at money manager UBS Global Wealth Management said the slide in Treasury yields is "not a function of dwindling fundamentals or an overly hawkish Fed," but rather a product of "technical variables."
"Since February, financial markets have endured...a 'rolling correction' despite new highs being made every week in the major US equity indices," said analysts at brokerage Morgan Stanley, in a note to clients. "The rally in Treasuries most clearly represents...a risk-off investment environment."
Ben Meng, the former investment boss of the nation's largest pension fund, is joining investment firm Franklin Resources for a push into Asia.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-12-21 1718ET
