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Financials Up On Yellen Pick For Treasury, Transition Progress - Financials Roundup

11/24/2020 | 05:02pm

Shares of banks and other lenders and money managers rallied as indications that President Trump was cooperating with the Biden administration's transition plans eased fears about risks to financial stability from a contested election.

The Dow Jones Industrial Average traded above the 30,000 level for the first time ever, reflecting relief that Mr. Trump's administration was standing down efforts to obstruct the incoming administration.

Asset managers and brokers rose as the Biden administration's choice of former Federal Reserve Chairwoman Janet Yellen as Treasury Secretary was seen as a relatively Wall-Street friendly pick.

Shares of Blackrock, the world's largest asset manager, rose by more than 2% to around $700, roughly double its March lows. Swiss bank Credit Suisse Group plans to take a $450 million charge on a stake in a hedge-fund business it bought during Wall Street's frenzy for alternative investments a decade ago.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

11-24-20 1701ET

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