Shares of banks and other financial institutions rose as Treasury market volatility subsided ahead of the Federal Reserve Chairman Kevin Warsh's statement from Jackson Hole, Wyo.
Treasury yields finished a wild week with modest gains. The yield on the 30-year Treasury bond closed within four basis points of a multiyear high.
The battle for control of Italy's biggest banks entered a new phase after Banca Monte dei Paschi di Siena launched bids for peers Banco BPM and Banca Generali, valued together at nearly $40 billion.
At least 10 high-ranking officials are leaving Fannie Mae, raising concerns about more turmoil at one of the firms that back major portions of the mortgage market.
Layoffs at JPMorgan Chase hit their highest rate since 2015.
