Shares of banks and other financial institutions rose sharply as Treasury yields continued to retreat.
Higher interest rates have caused instability in credit markets and regional-banking businesses.
Among the unanticipated consequences are the rise of “private” lending markets, where groups of investors lend to corporations who would usually raise money from banks or bond markets. Some strategists are now warning of a bubble in private lending.
The Financial Industry Regulatory Authority fined Bank of America Securities $24 million for more than 700 instances of spoofing through two former traders.
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