Shares of banks and other lenders and money managers rose as investors bet the sector would benefit from a recent up-tick in Treasury yields.
Yields on benchmark Treasurys closed at an eight-week high Thursday, taking some of the pressure off banks and other institutions whose loans are often pegged to U.S. bond rates.
Investors are also growing bullish on money managers as the broad Standard & Poor's 500 nears a record high. As it sits within a hair's breadth of records, the S&P 500 has seen its largest 100-day percentage gain on record, according to one strategist.
"What a different world it is from that last new high, as we've experienced one of the worst recessions ever, seen the fastest ever bear market decline and a historic market rally, while millions of people have lost their jobs and tragically more than 160,000 Americans have lost their lives," said Ryan Detrick, chief market strategist at brokerage LPL Financial, in a note to clients.
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