Financials Gain as Risk Appetite Rebounds - Financials Roundup

Dow Jones01-04 06:06

Shares of banks and other financial institutions rose as a global equity rally seemed to return.

The "Santa Claus Rally" failed to materialize as the broad S&P 500 finished more or less flat for the last five session of 2024 and the first two of 2025. But traders clamored for high-risk stocks again Friday, following strong manufacturing data.

Morgan Stanley, Citigroup and Bank of America, three of the largest U.S. banks, this week withdrew from an ambitious pandemic-era climate coalition designed to help drive a shift to reduce carbon emissions by businesses, a reflection of the backlash against sustainability investing as the second Trump administration prepares to push back on the trend.

Shares of Fannie Mae and Freddie Mac rocketed nearly 30% on Friday after President Biden's administration outlined steps it believes should happen before the mortgage giants are set free from government control.

Shares of exchanges and digital brokers associated with cryptocurrency rallied as bitcoin was set to retest the psychologically significant $100,000 level. Coinbase Global added roughly 5%.

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

(END) Dow Jones Newswires

January 03, 2025 17:06 ET (22:06 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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