Why Shares of Bank of America, Citigroup, and JPMorgan Chase Are Rising Today
Major Wall Street bank stocks rose along with the broader market today after a lot of selling in recent weeks and as investors look for the Federal Reserve to potentially pivot on monetary policy.
Shares of Bank of America (NYSE: BAC) traded nearly 3.7% higher in the final hour of trading today. Shares of Citigroup (NYSE: C), traded nearly 4% higher, and shares of JPMorgan Chase (NYSE: JPM) were up more than 4%.
After a solid day for stocks yesterday, news that the Reserve Bank of Australia would only be raising its key benchmark interest rate by 0.25% instead of the half point investors had initially thought it would sent U.S. stocks surging today. Investors seem to think that perhaps the Fed will be the next to pivot or at least slow the pace of its rate hikes.
Source Fool.com
