Why Wells Fargo Stock Climbed on Tuesday

Why Wells Fargo Stock Climbed on Tuesday

Wells Fargo (NYSE: WFC) stock climbed 3% on Tuesday as the Senate inched closer to passing a tax bill that could cut the corporate tax rate from 35% down to 20%.

Few companies would benefit as much from a tax cut as Wells Fargo. The nation's third-biggest bank by assets earned $21.1 billion over the trailing 12 months, according to data from YCharts.com. That's enough to rank Wells Fargo fourth in terms of the most profitable companies on the S&P 500 (SNPINDEX: ^GSPC).

Data source: YCharts.com. Chart by author.

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Source: Fool.com