Financials Up After Powell Testimony -- Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies rallied after the nominee to replace Janet Yellen as Federal Reserve chair said that regulations on the financial sector were already "tough enough."

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Mr. Powell, currently a Fed governor, also said conditions were supportive for a rate hike in December. Banks have been among the stock-market leaders since Donald Trump's election, amid anticipation that a combination of looser regulations and higher interest rates would drive profits. Traders interpreted Mr. Powell's testimony as a hint that expectations on both tracks were close to being realized.

The Trump administration urged a federal judge to reject an Obama-era official's attempt to assert command over the Consumer Financial Protection Bureau, arguing in a court filing it had properly installed its own official to run the agency.

The price of digital currency Bitcoin hit a new milestone above $10,000 even as more commentators warned that the rapid appreciation smacked of a speculative bubble.

-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

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November 28, 2017 16:46 ET (21:46 GMT)