Financials Up Sharply On Growth, Treasury Yield Outlook -- Financials Roundup

Shares of banks and other financial institutions rose sharply on the outlook for economic growth and Treasury yields.

Shares of cryptocurrency exchange Coinbase tumbled after Securities and Exchange Commission Chairman Gary Gensler said new legislation could protect investors in cryptocurrency markets by imposing a regulatory framework for the exchanges where bitcoin and other digital currencies are traded. Bitcoin prices also slipped after the statement.

Separately, Mr. Gensler said the SEC was studying whether to impose new restrictions on brokerage apps that use technology to nudge people to trade more stocks and other securities, as the agency responds to the GameStop market mayhem.

Federal Reserve Bank of Dallas President Robert Kaplan reiterated his position that it was time for the central bank to start discussions about paring back bond buying, because of a quicker-than-anticipated economic rebound.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

05-06-21 1732ET