Wall Street kicked off the final quarter of 2019 with bank shares outperforming. Banks got a boost as Treasury yields rose broadly. Bank of America, J.P. Morgan Chase and Citigroup all traded at least 0.9% higher. The benchmark 10-year Treasury yield climbed to 1.75% while the 2-year rate traded at 1.67%.
Optimism in U.S.-China trade talks, White House “is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time.” This relieved some earlier fears raised by reports last week that the U.S. has been looking at restricting U.S. investments in China.
Trade delegations from China and the U.S. are set to resume trade talks next week.