Financials Up as Rate, Insurance Bets Are Reversed -- Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies rallied as the onslaught of Hurricane Irma wasn't quite as catastrophic as investors had anticipated. Traders backed off bets that two of the most expensive storms in history for the U.S. would keep the Federal Reserve on hold with interest rates for an indefinite period. Shares of property-and-casualty insurers such as Universal Insurance Holdings rallied, as did reinsurers, to whom the primary coverage companies lay off risk, with XL Group and Everest Re. The price of bitcoin fell after reports that Chinese authorities were ordering domestic bitcoin exchanges to shut down, as part of the central bank's efforts to rein in speculation in the economy there. Credit-risk review agency Equifax said it made several adjustments for consumers trying to protect their identities following the breach on the company's systems.

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-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

September 11, 2017 16:46 ET (20:46 GMT)