Financial stocks are doing well on Monday thanks to an update from the U.S. Government.
President Joe Biden has selected Jerome Powell to serve a second term as the Federal Reserve chairman. That comes amid financial uncertainty and rising inflation. The move is reassuring to banks that are dealing with these issues.
Powell was selected for his first term as Fed chairman by former President Donald Trump. Prior to that, he was added to the Federal Reserve’s governing board by former President Barack Obama.
Initially, there were expectations that President Biden would replace Powell with Fed governor Lael Brainard. Instead, Brainard is now serving in the vice chair role, reports NPR.
Let’s take a look at how today’s news is affecting financial stocks below!
Financial Stocks on the Rise
- Wells Fargo (NYSE:WFC) stock starts us off today with shares rising more than 3% as of Monday afternoon.
- Morgan Stanley (NYSE:MS) shares are up next with a similar over 3% rise on the Fed chairman news.
- Citigroup (NYSE:C) stock is likewise rising today with shares up more than 2% as of this writing.
- Bank of America (NYSE:BAC) shares are getting a nearly 3% boost with news of Powell sticking around for a second term.
- JPMorgan Chase (NYSE:JPM) shares join the rising financial stocks this afternoon with an almost 3% increase.
- Goldman Sachs (NYSE:GS) stock closes out our list with shares heading almost 3% higher as of Monday afternoon.
Investors looking for more hot stock market news today are in luck!
InvestorPlace has you covered with all the latest stock news worth talking about today. A few examples of that include what’s happening with shares of Camber Energy (NYSEMKT:CEI), Aurinia Pharma (NASDAQ:AUPH), and Nio (NYSE:NIO) today. You can learn all about these subjects by checking out the links below!
More Stock Market News for Monday
- CEI Stock Alert: The News That Has Camber Energy Gaining Today
- AUPH Stock: 13 Things to Know About Aurinia Pharma as Shares Crash Today
- NIO Stock Alert: What Is Going on With EV Maker Nio Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.