Here's Why Wells Fargo, JPMorgan Chase, and Other Big Banks Are Soaring on Wednesday

The stock market continued its recent rally on Wednesday, with the Dow Jones Industrial Average and S&P 500 index up by 1.2% and 1%, respectively, at 10:45 a.m. EDT.

One of the day's standouts is the financial sector. The Financial Select Sector ETF (NYSEMKT: XLF) was higher by 3.4% on the day, and the big banks are leading the charge. Wells Fargo (NYSE: WFC), JPMorgan Chase (NYSE: JPM), and Citigroup (NYSE: C) were all up by approximately 5%.

Image source: Getty Images.

Continue reading

Source Fool.com