Financials Down as Traders Hedge on Rate View - Financials Roundup

Banks, lenders and other financial companies fell as traders hedged their bets on the outlook for Federal Reserve policy and economic growth.

Federal Reserve Bank of Philadelphia President Patrick Harker said Friday that the U.S. economy is robust and more interest-rate rises are likely this year. But Treasury yields fell after weak retail-sales data, suggesting traders are skeptical about the outlook for more increases.

In a review of first-quarter earnings commentaries, however, analysts at brokerage Goldman Sachs said that, while many corporations expressed optimism about economic growth, few observed it in their businesses.

(-By Rob Curran,

(END) Dow Jones Newswires

May 12, 2017 16:38 ET (20:38 GMT)