Shares of banks and other financial institutions rose ahead of earnings, and amid hopes that President-elect Donald Trump would take a more gradualist approach to tariffs.
Shares of alternative-asset managers such as Blackstone, Apollo Global Management and KKR rallied, amid hopes that Trump would ease regulations on Wall Street while employing a light touch with new trade policies.
KKR shares rose despite the revelation the Justice Department filed a lawsuit against the firm, seeking $650 million in fines for incorrect pre-merger filings.
The Consumer Financial Protection Bureau is suing Capital One, alleging the bank misled some of its customers by not paying them the rate it advertises on its main savings account.
Robinhood shares rallied after the online brokerage agreed to pay $45 million to settle an investigation by the Securities and Exchange Commission into a range of alleged violations, including a data breach.
Morgan Stanley is starting off the new year with a raft of personnel and organizational changes, including the formation of a new unit that aims to integrate the firm's varied client offerings as well as a new head of Private Wealth Management.
JPMorgan Chase named Jennifer Piepszak as its new chief operating officer and said Dimon's trusty lieutenant Daniel Pinto would retire.
In another high-profile departure, Mark Wiedman, once seen as heir apparent to BlackRock Chief Executive Larry Fink, left the asset-management giant.
Three former Wells Fargo executives have been fined a total of $18.5 million for their alleged roles in opening fraudulent bank accounts, the Office of the Comptroller of the Currency said.
Equities saw inflows from clients for the tenth straight week last week, said strategists at brokerage Bank of America Securities, noting that January inflows from the broker's retail clients were more pronounced than usual while the annual drawdown by institutional and hedge fund clients was not as big as usual.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
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