Why the Stocks of Big Banks Surged Again Today
For the second day this week, megabank stocks are running higher. Shares of Citigroup (NYSE: C), Bank of America (NYSE: BAC), and Wells Fargo (NYSE: WFC) were all up more than 5% in afternoon trading, while shares of the biggest of the big banks, JPMorgan Chase (NYSE: JPM), surged 4% before cooling off to a 2.7% gain at the close.
Today is a big day for most stocks, with investors feeling more optimistic that the economy could start reopening soon. Remdesivir, an antiviral treatment, is going through clinical trials in COVID-19 patients, and some of the early results look positive. Other potential treatments also offer some hope that we could finally start to get ahead of the pandemic in a way that doesn't require the strict social distancing that's forced the global economy to a halt.
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Source Fool.com
