Shares of banks and other financial institutions rose amid growing anticipation that the Federal Reserve was close to "tapering" bond purchases.
The European Central Bank said it would slightly scale back its massive bond-buying program amid robust economic growth and inflation in the eurozone, turning the corner on its stimulus despite a resurgence in Covid-19 cases globally and signs of slowdowns in China and the U.S.
Some analysts say the gradual rise in interest rates around the world is unlikely to lead to tighter financial conditions and rates are still low compared with past eras.
"We expect major central banks to remain supportive of growth, keeping rates lower for longer," said strategists at money manager UBS Global Wealth Management.
"This is positive for equity markets, particularly cyclical and value areas of the market."
Investment firm Blackstone Group plans to join fellow buyout firm Francisco Partners as an investor in a software business that serves the alternative investment management industry, including private-equity managers like themselves.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-09-21 1725ET
