Shares of banks and other financial institutions rose alongside Treasury yields, which closed around 1.49%.
"With the 10-year yield falling close to 1.4% last week in the aftermath of the Fed meeting, many now seem much more comfortable that yields may remain lower for longer," said Jim Paulsen, chief investment strategist at money manager the Leuthold Group, in a note to clients.
Shares of government-controlled mortgage-finance backers Fannie Mae and Freddie Mac plunged after the Supreme Court ruled an oversight body for the companies was structured unconstitutionally because its decisions weren't accountable enough to the president.
The Biden administration moved to replace Mark Calabria as the head of the Federal Housing Finance Agency in response to the ruling. Wall Street bank Morgan Stanley has told its employees they must get Covid-19 vaccines before returning to its New York offices.
Ant Group, the financial-technology giant controlled by billionaire Jack Ma, is in talks with Chinese state-owned enterprises to create a credit-scoring company that will put the fintech giant's proprietary consumer data under regulators' purview.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-23-21 1659ET
