Shares of banks and other financial institutions rose despite Moody's Investors Service downgrade of U.S. debt.
One strategist compared the market response to a wild animal becoming accustomed to encounters that previously startled them.
Previous downgrades from Standard & Poor's and Fitch Ratings had caused bigger stock selloffs, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "Like anything else, once you've experienced something, there's no longer that shock factor," said Joyce.
JPMorgan Chase Chief Executive Jamie Dimon said he still intended to depart from his post as the company's top executive during the next few years.
Paramount Group, a major New York City and San Francisco office landlord, is exploring strategic alternatives for its business, which could entail an outright sale of the company.
Commerce Secretary Howard Lutnick reached deals to sell or transfer away his ownership interests in Cantor Fitzgerald and affiliates of the financial-services firm as part of a government ethics agreement.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
May 19, 2025 17:06 ET (21:06 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.