Here's Why Wells Fargo, Citigroup, and Other Bank Stocks Are Soaring Friday
The stock market continued its remarkable rally on Friday, thanks to a blowout jobs report and general optimism about the economic recovery as states continue to reopen. As of 10:50 a.m. EDT, the Dow Jones Industrial Average and S&P 500 were higher by 2.8% and 2.3%, respectively.
The financial sector was one of the market's strongest performers, and big bank stocks in particular were having a strong day. Citigroup (NYSE: C) was leading the group with an 8% gain, while Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC), and U.S. Bancorp (NYSE: USB) were all up by more than 6%.
Image source: Wells Fargo.
Source Fool.com
