Financials Up as Blackstone Gains on Saudi Investment -- Financials Roundup

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Banks, lenders and other financial companies rose as traders bet the sector would benefit from rising interest rates and public-private investment partnerships. Shares of Blackstone rose after Saudi Arabia said it planned to invest $20 billion in an investment fund focused on U.S. infrastructure that the leveraged-buyout fund manager is assembling. Federal Reserve Bank of Dallas President Robert Kaplan said he is still on board with the U.S. central bank raising short-term interest rates around two more times this year. "I continue to believe that three rate increases for 2017, including the March increase, is an appropriate baseline case for the near-term path of the federal funds rate," said Mr. Kaplan, in an essay released by his bank.

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-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

May 22, 2017 16:36 ET (20:36 GMT)