Why Shares of American Express, PacWest Bancorp, and KeyCorp Are Rising Today

Shares of many bank stocks moved higher today as Congress passed the debt ceiling bill last night and the market reacted positively to the May jobs report released this morning.

Shares of the credit card and payments company American Express (NYSE: AXP) traded roughly 4% higher as of 12:32 p.m. ET today. Meanwhile, shares of PacWest Bancorp (NASDAQ: PACW) traded nearly 14% higher, while shares of KeyCorp (NYSE: KEY) were up about 6%.

Last night, after months of negotiations and political tension, the U.S. Senate approved a bill that would suspend the debt ceiling until 2025, paving the way for President Biden to sign the bill into law and avoid what would be a disastrous default by the U.S. government.

Source Fool.com