Financial Stocks Rise As Dow Hits Milestone - Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies rose as a milestone for the Dow Jones Industrial Average was seen as stirring further interest in financial markets. "Strong corporate earnings and revenue growth above expectations are driving equity prices higher," said Todd Hedtke, chief investment officer for Allianz Investment Management, in an e-mail. "While the Dow broke through the 22,000 level this morning on better-than-expected results from Apple, we do not view that level as a resistance level." Carlyle Group rose after the investment manager posted a sharp increase in second-quarter profit, helped by appreciation of the assets in its buyout funds. Rival Apollo Global said pressure on oil companies hurt its second-quarter investment performance. Investors pulled $2.9 billion from Och-Ziff Capital management, the largest publicly traded U.S. hedge-fund firm, over the last four months, as the preference for cheap, passive investments over expensive money managers grows.

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-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

August 02, 2017 16:43 ET (20:43 GMT)