Shares of banks and other financial institutions rose alongside Treasury yields as a $1.85 trillion budget bill looked set to pass.
The yield on the two-year Treasury rose to its highest level in more than a year, as economic growth concerns subsided.
President Biden unveiled the framework of a bill that's likely to boost economic activity by extending child tax credits and providing tax incentives for reducing emissions.
Shares of investment firm Carlyle Group rose after it reported a big jump in third-quarter earnings, and the amount of cash it could return to shareholders reached record levels.
Brookfield Asset Management's insurance arm has hired a prominent former regulator, Michael McRaith, to help the firm grow its U.S. life-insurance business through acquisitions and other transactions.
Exor, the conglomerate controlled by Italian family and Fiat founders the Agnellis, signed a memorandum of understanding to sell reinsurance company PartnerRe to French insurer Covéa Coopérations for about $9 billion.
Money manager T. Rowe Price Group agreed to buy distressed-debt investor Oak Hill Advisors for as much as $4.2 billion.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-28-21 1746ET
