Banks, lenders and other financial companies gave back some of their Tuesday gains in the wake of the Federal Reserve's rate hike in a case of "buy the rumor, sell the news." It was the third rate hike this year and the first since the summer. Banks and lenders benefit from higher rates because it allows them to book more profits on the spread between loan interest earned and deposit interest paid out.
-Rob Curran, email@example.com
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(END) Dow Jones Newswires
December 13, 2017 16:34 ET (21:34 GMT)