Banks, lenders and other financial companies fell as traders backed off bets on accelerated economic growth and higher interest rates. Insurer Massachusetts Mutual Life Insurance agreed to sell its Hong Kong-based operations for about $1.7 billion to a group of Asian investors that includes two companies affiliated with Chinese billionaire Jack Ma. The deal includes $1 billion in cash and a 25% stake for MassMutual in a Chinese financial technology concern.
-Rob Curran, email@example.com
(END) Dow Jones Newswires
August 17, 2017 16:38 ET (20:38 GMT)