Here's Why JPMorgan Chase and Other Bank Stocks Are Up on Friday
The stock market had an extremely strong opening on Friday, but the rally had started to lose steam by late morning. At 11 a.m. EDT today, the Dow Jones Industrial Average and S&P 500 index were both higher by about 1.6%.
Bank stocks reported first-quarter results this week and had been one of the worst-performing sectors in the market, but are reversing course somewhat today. All of the big banks are handily outperforming the overall stock market. Citigroup (NYSE: C) is the top performer of the megabanks, up nearly 7% for the day. JPMorgan Chase (NYSE: JPM) is up by about 6%, and Wells Fargo (NYSE: WFC) is higher by more than 4%.
Investors are cheering the latest developments in the fight against the coronavirus pandemic. Image source: Getty Images.
Source Fool.com
