By Staff Reporters
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UBS, the Swiss lender posted the highest quarterly profit ever for a bank in Q2—$29 billion—thanks to its controversial rescue of rival Credit Suisse in March. That acquisition is looking like "one of the biggest steals in financial history," per the Financial Times, considering the skimpy $3.6 billion price UBS paid for Credit Suisse. While UBS execs have a challenging road ahead integrating Credit Suisse's businesses into its own, investors seem to think it can pull it off: UBS shares jumped to their highest level since the 2008 financial crisis, making it the second-largest bank in Europe behind HSBC.
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Here is where the major benchmarks ended:
- The S&P 500® Index (SPX) was down 7.21 points (0.2%) at 4,507.66, down 1.8% for the month; the Dow Jones Industrial Average (DJIA) was down 168.33 points (0.5%) at 34,721.91, down 2.4% for the month; the NASDAQ Composite was up 15.66 points (0.1%) at 14,034.97, down 2.2% for the month.
- The 10-year Treasury note yield (TNX) was down about 2 basis points at 4.098%.
- CBOE's Volatility Index (VIX) was down 0.31 at 13.57.
As was the case for much of the late-August rally, technology shares helped lead gains, with the Philadelphia Semiconductor Index (SOX) up nearly 1% and ending at a four-week high. Retail and consumer discretionary were also among the strongest-performing sectors.
Transportation and utilities lagged. In other markets, WTI crude oil futures extended a week-long rally and ended at a three-week high above $83 a barrel.
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