Shares of banks and other financial institutions fell slightly as Treasury yields slipped to their lowest level in a week.
Mortgage rates, which trail moves in Treasury yields, rose to the highest level since the onset of the pandemic in March 2020. The average rate for a 30-year fixed-rate loan was 3.45% for the week ended Thursday, mortgage finance giant Freddie Mac, up from 3.22% a week ago.
Analysts at brokerage Goldman Sachs Group said the recent hit to stocks from a spike in Treasury yields was cushioned by adjustments to the "risk premium," associated with the Standard & Poor's 500.
One of the nation's largest student-loan processors, Navient, will cancel the debt of 66,000 borrowers, totaling $1.7 billion, in an agreement with 40 state attorneys general.
Shares of investment firm TPG rose in their stock-market debut Thursday, notching a valuation of roughly $10 billion.
Billionaire investor Daniel Och sold a Manhattan penthouse overlooking Central Park for close to $190 million, roughly double what he paid just over two years ago, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-13-22 1708ET
