Banks, lenders and other financial companies declined as the yield on the 10-year Treasury neared its lowest level of the year.
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Warren Buffett reprised one of his classic maneuvers, stepping in to bail out a distressed financial institution on terms that will likely prove favorable. Buffett's Berkshire Hathaway agreed to acquire a 38% stake in Home Capital, Canada's top provider of residential mortgages to borrowers with lower credit ratings, and extend 2 billion Canadian dollars ($1.5 billion) credit to the lender. Home Capital had seen a flight of deposits in recent months after allegations of misleading investors.
-By Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
June 22, 2017 17:08 ET (21:08 GMT)