Financial Shares Up As Treasury Rates, Housing Starts Rise -- Financials Roundup
Banks, lenders and other financial companies rose slightly as traders bet the sector would benefit from rising interest rates and a resilient housing market.
"Unless the incoming data deteriorates or financial conditions tighten sharply [our economists] expects the next rate hike to come in June, with a third in December and four more in 2018," said analysts at brokerage Morgan Stanley, in a note to clients.
Goldman Sachs has become the largest buyer of severely delinquent home loans from mortgage giant Fannie Mae over the past year-and-a-half, acquiring nearly two-thirds of $9.6 billion in loans the agency has auctioned, The Wall Street Journal reported.
(-By Rob Curran, [email protected])