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Financials Up With Treasury Yields -- Financials Roundup

10/21/2021 | 05:20pm EST

Shares of banks and other financial institutions rose alongside Treasury yields.

The yield on the two-year Treasury closed at the highest level in more than a year, while the yield on the 10-year Treasury note closed at the highest since May.

Investment firm Blackstone said net income nearly doubled in the third quarter, rising to $1.4 billion, driven by strong investment performance for its largest strategies and continued expansion into fast-growing new business lines.

At a Senate hearing Wednesday, private-equity critics including Sen. Elizabeth Warren denounced what they characterized as buyout managers' abusive practices, as some Democratic lawmakers seek to rein in the rapidly growing industry.

Cryptocurrency exchange FTX reached a valuation of $25 billion in a new funding round that includes heavyweights from traditional finance, such as the Ontario Teachers' Pension Plan and funds managed by BlackRock.

China Evergrande Group are spreading to some of its smaller peers, including Modern Land, which is reportedly facing difficulty meeting an imminent bond payment, and more Chinese property developers could be at risk of contagion amid a housing market slump.

The Federal Reserve will bar senior officials from purchasing individual securities and restrict investment activities to broad-based products such as mutual funds, following disclosures that last month that resulted in the resignations of two reserve bank presidents.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

10-21-21 1719ET

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