Shares of banks and other financial institutions rose after the Federal Reserve laid the groundwork for a rate cut in September.
Treasury yields slipped after Fed Chair Jerome Powell said most rate-setting committee members agreed that "a reduction in our policy rate could be on the table at the September meeting," as long as data come in as expected.
Powell also painted a picture of an economy that was in what investors call a "Goldilocks" situation -- neither overheating nor far under its growth potential.
KKR shares rose after the investment firm raised $32 billion in the second quarter, and touted widespread opportunitie to invest the new capital.
"So far, 2024 feels like it could be a sweet-spot year," said KKR Co-Chief Executive Scott Nuttall. KKR rival Apollo Global Management rose in sympathy.
Among other Wall Street firms, shares of money management giant BlackRock and investment bank Goldman Sachs Group tested all-time highs.
British-Chinese bankign giant HSBC Holdings reported solid profit and announced another big payout to shareholders, lifting the global bank's shares ahead of Chief Executive Noel Quinn's retirement.
Banco Bilbao Vizcaya Argentaria reported better-than-expected profit for the second quarter as strong activity boosted lending volumes, particularly in Spain, while Mexico-its largest market-showed signs of slowing growth.
Accounting firm CBIZ agreed to acquire rival Marcum in a $2.3 billion deal, as smaller firms consolidate to challenge the Big Four.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-31-24 1718ET
