Banks, lenders and other financial companies rose sharply ahead of the Federal Reserve's rate decision. Higher benchmark Fed funds rate would soon translate into wider "net interest margins," as the difference between rates banks charge on loans and rates they pay out on deposit accounts widens in their favor. Fires throughout California have driven up already hefty losses for property-and-casualty insurers still reeling from one of the most destructive hurricane seasons in living memory, The Wall Street Journal reported.
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(END) Dow Jones Newswires
December 12, 2017 16:29 ET (21:29 GMT)