Shares of banks and other financial institutions rose after strong earnings from one insurer.
Shares of property-and-casualty insurer Travelers rose after it posted an increase in fourth-quarter revenue, boosted by higher premium payments. One strategist said renewed stability in equity markets recently could be short-lived.
"Most long-short strategies entered the year too short, and this was largely a short squeeze, and also probably some betting the Fed will be done soon," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund.
An apparent glitch at the New York Stock Exchange's opening auction briefly caused wild price swings and a temporary trading freeze in stocks of major companies such as Exxon Mobil, McDonalds and Walmart.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-24-23 1728ET
