Shares of banks and other financial institutions ticked down as Treasury yields tested multiyear highs.
The strength of the U.S. economy suggests stocks can continue grinding higher despite the oil spike and a likely rate increase from the Federal Reserve, said one strategist.
"Equities can live with one 25 basis-point hike frame as insurance," said Timothy Chubb, chief investment officer at Girard, a wealth-management firm owned by Univest. "They can't live with the Fed chasing an energy shock that it can't control."
Independence Realty Trust and Centerspace agreed to a merger, creating an apartment real-estate investment trust valued at $8.1 billion, including debt.
Write to Rob Curran at rob.curran@dowjones.com
