Shares of banks and other financial institutions rose and the sector tested all-time highs as rallying stock markets and muted Treasury yield movements were seen as favoring banks and brokers.
Treasury yields are holding near their lows of the year, and the Dow Jones Industrial Average for the seventh straight session.
"Sell in May and go away hasn't worked out for the first week..we've got time to go, so we'll see what happens," said JJ Kinahan, chief executive of IG North America and president of its brokerage tastytrade.
BBVA, Spain's second-largest lender by assets, launched a hostile, $12 billion-plus takeover bid for smaller rival Banco de Sabadell, signaling a potential resurgence of dealmaking in Europe's long-moribund banking sector.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-09-24 1731ET
