Shares of banks and other financial institutions rose alongside Treasury yields as investors rediscovered their risk appetite.
After a volatile start to the summer, strategists at brokerage Goldman Sachs Group forecast a strong finish to 2021 for the Standard & Poor's 500, the professionals' gauge of the U.S. stock market. Other Wall Street firms are also maintaining a bullish outlook on risky securities, including banks.
"We believe that the equity rally can continue and expect greater gains in cyclical and value sectors, including energy and financials," said strategists at money manager UBS Global Wealth Management.
Credit-ratings agency Moody's agreed to buy RMS, a catastrophe risk-management and modeling firm, from its U.K. parent, publisher Daily Mail and General Trust, for about $2 billion.
Shares of Robinhood Markets tumbled, continuing a volatile ride for the small investors to whom the trading app marketed its initial-public offering, after reports that some institutional investors were preparing to sell stakes.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-05-21 1724ET
