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Financials Down As Investors Hedge On Stimulus Prospects -- Financials Roundup

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08/17/2020 | 06:06pm EDT

Shares of banks and other lenders and money managers fell as investors hedged their bets on the outlook for economic-stimulus negotiations.

One brokerage said the current rally in the stock market, which has brought the Standard & Poor's 500 to the brink of a new record, could continue, largely because of the plunge in interest rates, which makes the cost of capital cheap for both corporations and investors.

"The S&P 500 level has returned to its pre-pandemic high, but the building blocks supporting the price have shifted dramatically," said strategists at brokerage Goldman Sachs Group, in a note to clients.

"A plunging risk-free rate partially explains why equities have performed so well despite downward revisions to expected earnings."

Credit-card provider American Express has agreed to buy nearly all of financial technology Kabbage as it seeks to expand its services for small businesses.

 

Write to Rob Curran at rob.curran@dowjones.com


Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EXPRESS COMPANY 0.19% 91.24 Delayed Quote.-26.71%
DJ INDUSTRIAL -0.59% 26501.6 Delayed Quote.-7.14%
NASDAQ 100 -2.62% 11052.94579 Delayed Quote.26.56%
NASDAQ COMP. -2.45% 10911.59093 Delayed Quote.21.61%
S&P 500 -1.21% 3269.96 Delayed Quote.1.21%
THE GOLDMAN SACHS GROUP, INC. -0.47% 189.04 Delayed Quote.-17.78%
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