Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

Financials Up Sharply on Hopes of Sustained Market Turnaround -- Financials Roundup

08/12/2022 | 05:16pm EDT

Shares of banks and other financial institutions rose sharply amid hopes for a sustained turnaround in stock and bond markets.

There were large in-flows of investor capital into bonds and financial stocks in the latest survey from analysts at brokerage Bank of America Securities, in a note to clients.

A large impetus for stock gains is a change in the outlook for Federal Reserve rate hikes, said one strategist.

"Even though every Fed speaker has been out, saying 'no it's not over, we're continuing to fight inflation,' the market is saying, 'we understand you're not done, but you won't be as aggressive,'" said Quincy Krosby, chief global strategist at brokerage LPL Financial.

Fed funds futures markets are now pricing in a 50-basis-point increase at the central bank's September meeting rather than the 75 basis points previously anticipated.

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

(END) Dow Jones Newswires

08-12-22 1715ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.31% 0.64928 Delayed Quote.-10.43%
BANK OF AMERICA CORPORATION -1.84% 31.825 Delayed Quote.-30.12%
BRITISH POUND / US DOLLAR (GBP/USD) -0.96% 1.13401 Delayed Quote.-16.21%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.81% 0.73422 Delayed Quote.-7.24%
EURO / US DOLLAR (EUR/USD) -1.00% 0.98839 Delayed Quote.-12.19%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.20% 0.012253 Delayed Quote.-8.62%
LPL FINANCIAL HOLDINGS INC. 0.48% 241.49 Delayed Quote.49.84%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.04% 0.57367 Delayed Quote.-16.33%