The global financial sector was aided by the announcement from the weekend agreement from the Group of Governors and Heads of Supervision—the oversight body of the Basel Committee on Banking Supervision—to enforce “substantial strengthening of existing capital requirements.” The Committee’s agreement will increase the minimum common equity requirement from 2% to 4.5%, and banks will be required to hold a “capital conservation buffer” of 2.5% to withstand future periods of stress, bringing the total common equity requirements to 7%.
The Dow Jones Industrial Average moved 81 points (0.8%) higher to 10,544, the S&P 500 Index gained 12 points (1.1%) to 1,122, while the Nasdaq Composite advanced 43 points (1.9%) to 2,286. Crude oil rose $0.74 to $77.19 per barrel, and the Bloomberg gold spot price lost $1.40 to $1,244.85 per ounce.
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