Why JPMorgan Stock Jumped Today
JPMorgan Chase's (NYSE: JPM) stock price climbed on Monday after the bank announced a $30 billion share repurchase program. As of 12:40 p.m. EST, the financial services giant's share price was up 4.5%.
JPMorgan Chase's announcement came soon after the Federal Reserve said it would allow banks to resume buying back their own shares. As long as they follow certain rules and perform well on their stress tests, banks will be able to commence share repurchases in the first quarter of 2021.
JPMorgan Chase is returning $30 billion to its shareholders via a massive new round of stock buybacks. Image source: Getty Images.
Source Fool.com
