Shares of banks and other financial institutions rose as investors' risk appetite returned at the end of a volatile week of trading.
The Federal Reserve's statement of intent to raise interest rates prompted a widespread reassessment of the outlook for rates and financial risk.
Many Wall Street brokerages revised their outlook for interest rates, with Bank of America Global Research now forecasting seven rate hikes this year.
Shares of brokerage app Robinhood Markets swung wildly Friday, falling as much as 14% before turning positive, one day after the brokerage reported a loss of $423 million for the fourth quarter.
Hong Kong's financial-markets regulator fined a unit of Citigroup Inc. and warned it would pursue action against some former staffers, after finding that some of the U.S. bank's stock traders misled investors over more than a decade.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-28-22 1715ET
