Shares of banks and other financial institutions rose after surprisingly strong housing data and scant sign of a "second wave" of infections suggested the U.S. economy could rebound more quickly than feared.
In one good sign for banks, the yield on the 10-year Treasury rose alongside stock markets worldwide. Market watchers were concerned that economic worries would keep Treasury yields at historic lows, making it difficult for lenders to turn a profit on loans. The steepening of the yield curve was a "positive for names in the sector," said Peter Essele, head of portfolio management for financial-advice firm Commonwealth Financial Network, in e-mailed commentary.
Real-estate attorneys and accountants say that many large-scale landlords have received tens of millions of dollars or more from the economic stimulus package because of a legal loophole that allows them to apply through related business units, The Wall Street Journal reported.
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