Shares of banks and other financial institutions rose as traders bet the sector would fare well as Treasury yields test recent highs.

Fears that distress in the commercial real estate would cause a rout in bank earnings have not yet materialized, said one strategist.

"Maybe, it'll be like all those who were expecting a recession this year, and then we've seen everything but that," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

Buyout firm CVC Capital Partners priced its initial public offering implying a market valuation of up to $15.99 billion.

Write to Rob Curran at

(END) Dow Jones Newswires

04-22-24 1716ET