Shares of banks and other financial institutions rose as traders took on more risk.
The S&P 500 closed at an all-time high, spurring further investor interest in U.S. equities. The record highs "may not mean as much as what headlines suggest," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. The stock-market rally has effectively brought broad indexes back to levels first tested two years ago, Joyce said.
A surge in stock and bond markets in the last three months has reinvigorated speculation on Wall Street and among retail investors. The new wave of speculation has buoyed share prices of money managers and investment banks.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-22-24 1746ET
