Financials Down With Treasury Yields Financials Roundup
07/14/2021 | 05:06pm EDT
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Required fields Shares of banks and other financial institutions fell alongside Treasury yields in the wake of a disappointing earnings report from the second largest U.S. bank by assets. Bank of America shares fell despite reporting that second-quarter profit more than doubled to $9.22 billion in the second quarter. The bank s executives said consumer banking activity surged back to prepandemic levels, but quarterly revenue declined, reflecting comparatively weak investment-banking performance during a bonanza quarter for dealmaking. Shares of Citigroup initially rallied after it posted second-quarter earnings well in excess of Wall Street targets before moderating late in the session. Both banks gave a bright view of consumer health.
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Provided by Dow Jones Health-care companies ticked up as traders rotated into growth sectors. The U.K. government confirmed plans to drop almost all coronavirus restrictions in England next week despite an acceleration in the spread of Covid 19, while urging citizens to keep wearing face masks indoors and to continue working from home if they can. The Delta variant has led to higher case counts in the U.K., the U.S. and many other parts of the world. For example, Israel began administering a booster shot of Pfizer s Covid-19 vaccine to people with weak immune systems, part of its response to the highly contagious Delta variant.