On Monday, share of many major bank and financial stocks are gaining today, still on the rise almost a week after Donald Trump was elected the 45th president of the United States. The banking industry stands to be a winner under a Trump administration, as regulation rollbacks for Wall Street and overall uncertainty surrounding his presidency stand to boost big banks and other financial companies.
Big banks like Bank of America Corp. (BAC - Free Report) and JPMorgan Chase (JPM - Free Report) have been trending upwards since Trump won the election, and today, the companies are up 4.65% and 2.85%, respectively, in late-morning trading. Even Wells Fargo (WFC - Free Report) is gaining today, up 3.19% in morning trading as well.
Global investment and securities firm Goldman Sachs (GS - Free Report) has seen its stock increase over the past week too, and is up around 2.5% today and almost 16% over the past five days. Citigroup Inc. (C - Free Report) has gained 2.4% so far Monday, and will likely continue to rise as the day goes on. PNC Financial Services (PNC - Free Report) and US Bancorp (USB - Free Report) are up around 1% and 2.2%, respectively.
The KBW Nasdaq Bank Index (^, a modified market cap weighted index that tracks the performance of leading publicly traded U.S. banks, benefited—and could continue to—from Trump’s victory, having gained almost 5% last Wednesday. Today, BKX is currently up 3.15%.
For more information on how the future Trump administration will affect bank, financial companies, and Wall Street as a whole, check out these Zacks articles:
We’ll have to wait until 2017 to see any concrete effects to President-Elect Trump’s proposed policies, but for now, it seems that investors are optimistic in stalwarts like the banking industry.
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