Here's Why JPMorgan Chase, Goldman Sachs, and Citigroup Are Rising on Wednesday
The stock market was having a strong day on Wednesday, with all major averages higher on optimism surrounding the Georgia Senate run-off election results. While one of the two races hadn't yet been called as of this writing, all signs are pointing to the Democratic candidates winning both seats, effectively flipping the Senate. Now, it appears that the White House, Senate, and House of Representatives will all be controlled by the same party.
While most sectors of the stock market are moving higher, banks are some of the biggest winners on Wednesday. As of 1:30 p.m. EST, JPMorgan Chase (NYSE: JPM) had risen by nearly 6%, Citigroup (NYSE: C) was up by nearly 8%, and investment banking giant Goldman Sachs (NYSE: GS) gained more than 6% on the day. Most other bank stocks posted similar gains as well.
Image source: Getty Images.
Source Fool.com
