Shares of banks and other financial institutions rose as stock and bond markets snapped back from recent losses.
Still, volatility reigned in global markets, a mixed blessing for the sector as it's a boon for investment banks and trading firms but a headache for other banks.
"There's no specific news that is causing the rally, but then, there was no specific news causing a pullback other than general unease about inflation and the Fed raising rates," said Oliver Pursche, senior vice president at financial advisory Wealthspire. "It's part of the natural rhythm of markets -- some level of choppingness."
China Evergrande Group's stake in Shengjing Bank was sold for about $1.05 billion, as outlined in the terms of an earlier disclosure.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-07-22 1708ET
