Dow Jones Stock Market Today – Financials Up With Treasury Yields — Financials Roundup
Shares of banks and other financial institutions rallied alongside Treasury yields.
The latest surge in yields was triggered by a Bloomberg News report that the European Central Bank did not plan to intervene to prevent market-based interest rates going higher.
The commentary spurred the yield on the 10-year Treasury to its biggest gain in about a week. The yield spike, in turn, caused a flight from “growth” sectors, seen as vulnerable to rapid increases in yields, such as technology stocks.
Shares of mortgage lender Rocket fell sharply a session after it surged 71% to $41.60 on massive volume.
Private payrolls rose by 117,000 jobs in February after adding a revised 195,000 in the prior month.
Money managers are lobbying to scrap a Trump-era rule that makes it difficult for 401(k) plans to invest in socially focused funds.
Write to Rob Curran at email@example.com
(END) Dow Jones Newswires
March 03, 2021 17:16 ET (22:16 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Market news on Fintech Zoom.