Why Shares of JPMorgan Chase, Morgan Stanley, and Goldman Sachs Rose Today
Many large bank stocks rose today after several banks presented strong earnings reports this morning, and as the market got some good news on interest rates.
Shares of the largest bank in the U.S. by assets, JPMorgan Chase (NYSE: JPM), rose more than 4.5% on Friday. Shares of Morgan Stanley (NYSE: MS) rose 4.5%, and Goldman Sachs (NYSE: GS) was up 4.3%.
JPMorgan Chase reported earnings for the second quarter of the year on Thursday and saw its shares sell off after the bank missed analyst estimates for the quarter. Furthermore, JPMorgan said yesterday that it would suspend share repurchases for the time being as it builds capital to prepare for higher regulatory capital requirements in 2023 and 2024.
Source Fool.com
