Here's Why Bank of America, JPMorgan Chase, Wells Fargo, and Other Bank Stocks Are Soaring Today

The stock market is having a day for the record books on Monday. The Dow Jones Industrial Average opened at an all-time high, and the S&P 500 was up by 3.4% about 10 minutes after the market opened. And while it might come as a surprise to investors, the financial sector is shaping up to be one of the top performers.

U.S. big banks JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) were both 10% higher at 9:40 a.m. EST, and more consumer-facing Wells Fargo (NYSE: WFC) popped by 11%. Other bank stocks were having similar upside moves, and the Financial Sector SPDR ETF (NYSEMKT: XLF) was higher by 8.5%, so the move wasn't just confined to the big banks.

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Source Fool.com