Banks, lenders and other financial companies rose as warnings about trading revenue weren't quite as bad as some had feared. The sector also benefited from an increase in Treasury yields.
J.P. Morgan Chase Chief Executive Jamie Dimon warned that third-quarter trading revenue may have fallen by as much as 20% at the bank.
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Bank of America rose even after the chief financial officer of the second-largest U.S. bank by assets warned that trading revenue could be down 15% in the third quarter, citing the lack of volatility and a robust quarter the year earlier.
In a good sign for money managers, the broad Standard & Poor's 500 closed at a new high Tuesday.
"The cyclical bull market from March 9, 2009, is up 267.78% and is now the second strongest cyclical bull of all-time since the December 1987 to March 2000 advance," analysts at Bank of America Merrill Lynch Global Research wrote in a note to clients.
-By Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
September 12, 2017 17:27 ET (21:27 GMT)