Shares of banks and other financial institutions rose as traders hedged their bets on the outlook for interest rates, following surprisingly strong data.
Elevated central-bank interest rates can bolster bank lending profits. Odds of a rate cut in June fell in the wake of the surprisingly strong jobs data, with futures markets pricing in a 54% chance of a rate cut in June, compared with 59% a day ago, according to the CME Group Fed Watch Tool.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-05-24 1744ET