Why Are Bank Stocks WFC, JPM, BAC Up Today?


  • Banks stocks are rising following a Federal Reserve stress test.
  • The results were positive, with lenders outperforming the test from the prior year.
  • This has investors celebrating the news on Thursday.
Bank Stocks - Why Are Bank Stocks WFC, JPM, BAC Up Today?

Source: shutterstock.com/CC7

Bank stocks are heading higher on Thursday as investors react to the results of a stress test from the Federal Reserve.

This stress test shows that banks have the capacity to weather economic turmoil with cash available to them. Considering the ongoing concerns of a recession, as well as the effects of inflation on the economy, this is welcome news to holds of bank stocks.

The test sought to determine if banks could remain above the minimum 4.5% capital ratio during a tough economy. The results saw 23 banks score higher than last year, which used an easier stress test.

With this news, shares of bank stocks are on the move alongside reinvigorated interest. Let’s check out how that has some of the stock bank stocks performing below!

Bank Stocks Up Today

  • Wells Fargo (NYSE:WFC) stock starts us off with a 3.3% gain as of Thursday morning. That comes as some 4 million shares trade, as compared to its daily average of 22 million shares.
  • JPMorgan Chase (NYSE:JPM) shares are next with a 2.6% gain this morning. With that comes 4 million shares traded, with its daily average sitting at about 11 million shares.
  • Bank of America (NYSE:BAC) stock is last on our list, with a 2.6% increase as of this writing. Alongside that are 21 million shares traded compared to its daily average of 49 million shares.

Investors looking for even more of the most recent stock market news are going to want to keep reading!

InvestorPlace offers up all of the hottest stock market coverage that traders need to know about on Thursday! A few examples of that include what has shares of Freyr Battery (NYSE:FREY) stock, Palantir (NYSE:PLTR) stock, and Cormedix (NASDAQ:CRMD) stock on the move today. All of that news is ready to go at the links below!

More Stock Market News for Thursday

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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/06/why-are-bank-stocks-wfc-jpm-bac-up-today/.

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