Yahoo Finance MarketPulse: Financials Keep Momentum Going
Investing.com - Financials staged a rally heading into close, driving Wall Street off session lows, as bank stocks surged amid a slew of upbeat earnings and rising bond yields.
Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS), both of which reported above forecast earnings and revenue on Tuesday, rose more than 3%.
Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM) and Citigroup (NYSE:C) all rose more than 1%.
The Bancorp (NASDAQ:TBBK) rose 3.5% after delivering a beat on both the top and bottom lines.
The bank reported earnings of $1.06 a share on revenue of $5.7 billion, beating analysts' estimates for earnings of $1.04 a share on revenue of $5.69 billion.
Bank stocks were also supported by an uptick in U.S. government bond yields. Rising yields boost the income banks' earn on their loan products.
The S&P financials were up 1.28% at time of print.
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