JPMorgan Chase Stock Soars Following Tax Bill Advance

JPMorgan Chase Stock Soars Following Tax Bill Advance

It isn't often that shares of JPMorgan Chase (NYSE: JPM) climb 3.5% in a single day, but that's what happened on Tuesday, after optimism grew that the Senate may soon pass its tax reform bill, a major part of which is a lowering of the corporate income tax rate from 35% down to 20%.

The news caused stocks to climb broadly, with the S&P 500 (SNPINDEX: ^GSPC) closing the day up by 0.98%. But few stocks benefited as much as banks did, with shares of Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC) also closing higher by 3% or more.

JPMorgan Chase chairman and CEO Jamie Dimon. Image source: JPMorgan Chase.

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Source: Fool.com