Experimental feature

Listen to this article

00:00
00:00
Experimental feature
or

Financials led the gains on the benchmark S&P 500 on Friday following reports that US President Donald Trump will sign executive orders taking aim at the Dodd-Frank financial regulatory reform legislation and the so-called “fiduciary rule” on investment advice.

The S&P 500 financials sector advanced 1.8 per cent and within that, the banks sub-sector gained 2.3 per cent, leaving both poised for their best day since November.

Morgan Stanley shares were up 5.1 per cent to $44.26, while Goldman Sachs shares rose 4.3 per cent to $240.20. Meanwhile, Invesco shares climbed 4.2 per cent to $30.78. The KBW Nasdaq Bank Index, a closely watched barometer tracking shares of US lenders, was also up 2 per cent.

The moves come as US President Donald Trump is expected to sign two executive orders later on Friday, the first of which is expected to call for a review of Dodd-Frank regulations, and the second of which will order a review of the fiduciary rule, which required financial professionals offering retirement advice to act in clients’ best interests.

Copyright The Financial Times Limited 2017. All rights reserved.
myFT

Follow the topics mentioned in this article

Follow the authors of this article

Comments have not been enabled for this article.