Shares of banks and other financial institutions rallied after the Federal Reserve slated three rate cuts for 2024.
Most of the Fed's rate-setting committee registered expectations for three rate cuts in 2024, policy moves that would substantially ease financial conditions, buoying stock and bond markets and alleviating pressure on regional banks and other major mortgage lenders and Treasury holders.
Shares of Bank of America, the nation's second largest bank by assets and a force in mortgage markets, rose by almost 4%.
Another niche that had suffered during the last two years of rising interest rates were commercial property developers. Shares of one developer, Boston Properties, rose by more than 8%.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-13-23 1726ET
