Why Shares of State Street Jumped in October
Shares of State Street (NYSE: STT) climbed 11.6% in October, according to data provided by S&P Global Market Intelligence, as strong quarterly results helped ease investor concerns about the health of the financial services sector. State Street occupies a unique niche in the sector and used it to deliver solid quarterly results.
Financial stocks were hard hit this summer by a combination of the Federal Reserve lowering interest rates, increasing trade tensions, and worrying signs of a potential recession in the U.S. State Street was no exception, falling more than 20% from May 1 through the end of August.
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Source Fool.com
