Financials Gain Ahead of Fed Statement - Financials Roundup

Shares of banks and other financial institutions rose ahead of the Federal Reserve's policy statement.

The Fed's bias towards cutting interest rates may dent lending margins but it's likely to bolster equity and bond markets.

Market-focused institutions such as Goldman Sachs Group and BlackRock are testing all-time highs. Shares of Goldman rose about 3% after anaalysts at rival Wall Street brokerage Morgan Stanley boosted their price target on the firm's shares.

Asia-focused Standard Chartered posted a drop in second-quarter net profit and announced a $1.5 billion share buyback.

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(END) Dow Jones Newswires

07-30-24 1720ET