Financials Up as Sector Seen Benefiting from Fed Policy -- Financials Roundup

Shares of banks and other financial institutions rose as traders bet the sector would benefit from the Federal Reserve's policy plans.

The SPDR Financial Select Sector exchange-traded fund, which tracks the financial sector of the S&P 500, rose by more than 1% and is now up 30% in the last 12 months as fears of a regional-banking crisis subside.

The Fed's economic and inflation outlooks suggested the central bank is optimistic about both growth and inflation heading in the right direction, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

Shares of exchange giant Nasdaq slipped after it said it priced a follow-on offering from one of its largest shareholders, Borse Dubai.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

03-20-24 1741ET