Shares of banks and other financial institutions rose as Treasury yields steadied.

Yields leapt on Tuesday after the hotter-than-anticipated January consumer-inflation data topped economists expectations, but moderated Wednesday after Chicago Federal Reserve President Austin Goolsbee suggested that the data point could be an anomaly in an otherwise sanguine situation for inflation.

Morgan Stanley plans to cut several hundred jobs in its wealth-management division as new Chief Executive Ted Pick seeks to rein in costs in an area that buffeted the Wall Street firm's performance during a slump in trading and investment-banking operations in recent years, but has shown signs of weakening as trading desks return to the spotlight.

Investment firm KKR agreed to acquire a stake in Cotiviti from private-equity manager Veritas Capital in a deal valuing the healthcare-technology business at around $11 billion.

Write to Rob Curran at

(END) Dow Jones Newswires

02-14-24 1723ET