Shares of banks and other financial institutions rose as traders bet a recent bout of volatility in global financial markets would prove fleeting.
Some economists say a recent inflation scare will soon be put to rest, with a likely personal-consumption expenditure prices index due to hit the tape later in the week. "Our core PCE forecast would imply a large dip in the year-on-year rate to 2.54%, which should reduce concerns from late last year about a lack of progress toward the 2% goal," said economists at brokerage Goldman Sachs Group.
One measure of Wall Street impressions of stock-market risk, the CBOE volatility index, is relatively muted, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
Apollo Global Management agreed to buy real-estate investment firm Bridge Investment for about $1.5 billion in stock, as the Wall Street investment firm closes the gap on real-estate savvy rivals such as Blackstone. Following the deal, Apollo's real-estate assets under management will roughly double to more than $110 billion.
Warren Buffett's Berkshire Hathaway rallied after the conglomerate said growth at its insurance arm and higher investment income bolstered its earnings.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
February 24, 2025 17:29 ET (22:29 GMT)
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