Shares of banks and other financial institutions rose after dovish comments from the Federal Reserve chairman.
Chair Jerome Powell said he was pleased with how inflation had resumed a downtrend following a rebound at the start of the year, a sign the central bank might be able to lower interest rates by the end of the summer even though he declined to endorse such a move.
The SPDR Select Sector Financial exchange-traded fund, which tracks the financial industry group of the S&P 500, is now up about 10% for 2024 to date.
A federal appeals court reinstated a $10 billion antitrust lawsuit against 10 banks after finding that a judge who had earlier dismissed the case should have recused himself because of an apparent conflict of interest first exposed by The Wall Street Journal. U.S. District Judge Lewis Liman should not have heard the case because his wife owned as much as $15,000 in Bank of America stock, the Second U.S. Circuit Court of Appeals ruled.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-02-24 1651ET
