Shares of banks and other financial institutions rose amid optimism about the upcoming earnings season.
A wave of multibillion-dollar deals boded well for investment banking revenue.
Shares of Wells Fargo rose after analysts at brokerage Morgan Stanley raised their rating on the bank's shares, saying pressure on its lending margins is easing following the removal of its growth limit.
Bank of America's Merrill unit has agreed to pay $39 million to settle a class-action lawsuit against the company for allegedly underpaying interest on certain customers' cash in so-called sweep accounts.
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