Why JPMorgan, Bank of America, Wells Fargo, and Citigroup Stocks Rose Today

Bank stocks climbed on Tuesday, as positive COVID-19 vaccine news boosted investors' hopes for an economic recovery.

By the close of trading, shares of megabanks JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), Citigroup (NYSE: C), and Bank of America (NYSE: BAC) were up 3.2%, 2.5%, 1.7%, and 1.4%, respectively.

Rising coronavirus case counts in the U.S. and many other areas of the world have sparked concerns that government officials could be forced to slow economic reopening plans. This has weighed on the banking industry, whose profits are generally tied to the health of the economy.

Continue reading

Source Fool.com