Shares of banks and other financial institutions rose, but not by as much as the broad market, as Treasury yields rebounded.
A relatively strong jobs report spurred traders to recalibrate expectations for Federal Reserve policy.
The yield on the two-year Treasury saw its biggest one-day jump since May. Investors are awaiting the Fed’s response to heightened speculation that it will pivot to rate cuts in early 2024, said Quincy Krosby, chief global strategist at brokerage LPL Financial.
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