Financials Up as Traders Digest Earnings -- Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies rose as traders digested generally stronger earnings.

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Shares of the SPDR Financial Select Sector exchange-traded fund, a basket of banks and lenders, hit their highest level since the 2008-2009 financial crisis.

The Supreme Court waded into a long-running debate in the credit-card industry, saying it will review a government antitrust challenge to American Express rules that bar merchants from steering customers to cards that charge lower fees.

Researchers at one brokerage said the plunge in the price of real-estate investment trusts that own or manage retail locations may not yet be over.

"As tempting as it may be to bottom-fish retail REITs today, we're not biting. But, we are getting closer," said analysts at Wells Fargo Investment Institute. The average retail REIT is trading at a roughly 33% discount to the value of its real estate holdings, as reported earlier.

-Rob Curran, rob.curran@dowjones.com

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(END) Dow Jones Newswires

October 16, 2017 16:47 ET (20:47 GMT)