Financial stocks improve – Financial tour

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Shares of banks and lenders rose as traders kept tabs on a phenomenon known as the “Santa Claus rally”.

Indexes such as the S&P 500 tend to rise in the last five days of the year and the first two days of the new year. Such a rally takes place at the end of about four out of five years, according to “Stock Trader’s Almanac”.

President Biden is considering Sarah Bloom Raskin for a senior Federal Reserve post as part of a shortlist of three candidates for central bank board seats, according to people familiar with the matter. The administration is considering Ms Raskin, a former Fed governor and former Treasury Department official, to become vice president of central bank oversight, the most influential overseer of the U.S. banking system, the people said.

Mr. Biden is also considering two economists for other soon-to-be vacant Fed board seats: Lisa Cook, professor of economics and international relations at Michigan State University; and Philip Jefferson, professor and administrator at Davidson College in North Carolina.

Meanwhile, a firm run by Oak Hill Advisors has agreed to buy a controlling stake in a new 55-story Chicago office tower in the latest sign that investors are paying for modern, equipment-rich office buildings despite the uncertainty about returning to the office.

 

Write to Amy Pessetto at amy.pessetto@dowjones.com

(END) Dow Jones Newswires

December 28, 2021 17:08 ET (22:08 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.


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