Shares of banks and other financial institutions rose as traders bet the sector would benefit from a more deal-friendly regulatory environment.

Treasury yields hovered near multi-month highs. Federal Reserve Chairman Jerome Powell on Thursday said the central bank was monitoring gains in Treasury yields in the wake of the election, but had not yet seen cause for concern. One strategist said incoming President Donald Trump's tariff promises may be stirring concerns in the foreign-exchange and Treasury markets.

"It's inflation and it's the notion then that the Fed becomes more hawkish; when you're more hawkish then your currency rises against other currencies," said Quincy Krosby, chief global strategist at brokerage LPL Financial.

Icahn Enterprises slid after Carl Icahn's fund management firm proposed boosting its stake by more than 20% in CVR Energy, a small refiner in which the activist investor is the controlling shareholder, and slashed its dividend.

Prudential Financial tapped Morgan Stanley veteran Jacques Chappuis to succeed David Hunt at the helm of the Prudential's $1.4 trillion investment-management business.


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

(END) Dow Jones Newswires

11-08-24 1803ET