Shares of banks and other financial institutions were more or less flat as Wall Street's deal machine kicked back into high gear.
A spike in interest rates and volatility in global markets had cooled merger-and-acquisition activity during the first half of the year.
The increase in M&A activity is "unusual for August, which is typically quiet for deal flow," said Quincy Krosby, chief global strategist at brokerage LPL Financial, in emailed commentary.
"The market is enjoying a period of calm as investment banking is taking advantage of easier financial conditions and placing secondary offerings which have been virtually dormant as investors faced a myriad of concerns."
The U.S. Treasury Department imposed sanctions on cryptocurrency platform Tornado Cash, accusing it of laundering billions of dollars in virtual currency, including $455 million allegedly stolen by North Korean hackers.
Treasury yields fell as investors fine-tuned their wagers on the Federal Reserve's next move.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-08-22 1708ET
