Shares of banks and other financial institutions rallied alongside Treasury yields as traders bet the economic boom in the U.S. would continue.
Despite the recent volatility in Treasury markets, the yield on the 10-year Treasury note is around fair value, according to one strategist. "From my perspective ... the 10-year yield should be somewhere between 1.25% and 1.5%," said Oliver Pursche, vice president at financial advisory Wealthspire. "That's a reasonable yield based on where we are in the economic recovery, and taking into account things like Delta (virus) and other potential headwinds, that may or may not become more material."
The sale of asset manager Putnam by Canadian life-insurance firm Great-West Lifeco is one option to reduce leverage after acquiring a retirement portfolio from Prudential Financial, according to analysts at the National Bank of Canada.
JPMorgan Chase's board gave Chief Executive Jamie Dimon new stock options as a retention bonus, signaling that the largest U.S. bank wants Mr. Dimon, one of the few Wall Street leaders to emerge from the financial crisis with reputation intact, to stay for several more years.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-21-21 1718ET
