Why Charles Schwab Stock Popped Today
Shares of Charles Schwab (NYSE: SCHW) were up 6.8% as of 3:15 p.m. ET Thursday after the financial services firm reported better-than-expected growth in total client assets last month.
In a press release this morning, Charles Schwab announced its total client assets at month-end November 2023 were up 12% year over year, and up 7% sequentially (from $7.65 billion in October) to $8.18 trillion. Meanwhile, Charles Schwab's core net new assets grew by $21.7 billion last month. Transactional sweep cash (or cash from accounts that automatically transfer funds into higher-interest accounts at the close of each business day) also grew by $5 billion sequentially to $402.9 billion -- the metric's biggest increase since March 2022.
The shift is encouraging for Charles Schwab, in particular, as the firm had seen total client assets decline sequentially for the past four straight months since peaking at $8.24 billion in July.
Source Fool.com
