Banks, lenders and other financial companies again led the broader market higher as sentiment solidified that the Federal Reserve will raise rates next week.
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Shares of financial companies have moved in tandem with yields on U.S. Treasurys in recent sessions. Economists almost unanimously expect the Federal Reserve to raise short-term interest rates next week, but are split over when the central bank will raise rates after that. The share of business and academic economists expecting officials to lift rates at the Fed's two-day policy meeting ending Wednesday rose to 93.2% in The Wall Street Journal's latest survey, compared with 88.1% of those polled a month ago. More than half of economists quizzed by the Journal, 54.2%, expected the Fed to raise rates for the third time this year at its Sept. 19-20 meeting.
In corporate news, J.P. Morgan Chase & Co. said that Matthew Zames, its chief operating officer who was once seen as a possible successor to Chief Executive James Dimon, is leaving the bank. The departure of Mr. Zames, 46, will kick off a new round of speculation within the bank about possible heirs to Mr. Dimon, but it will also reinforce views the longstanding chief of the biggest U.S. bank by assets isn't going anywhere soon.
Meanwhile, the House is poised to pass sweeping legislation Thursday that would rewrite the rules governing Wall Street, an opening Republican bid to encourage economic growth by loosening regulation of the financial sector.
(END) Dow Jones Newswires
June 08, 2017 18:21 ET (22:21 GMT)