Business
Bank Stocks Diverge Post-Earnings. Citi Drops, While Goldman Hits Fresh Record.
Many of the same factors have propelled big banks’ strong performance: a solid economic backdrop with low unemployment, corporate clients’ appetite for executing big deals, and lots of trading activity.
But after the four largest U.S. banks and Goldman Sachs reported second-quarter earnings results on Tuesday, some of their stocks traded in different directions.
Shares of JPMorgan Chase rose 2.5%, Goldman surged 9%, and Bank of America rose 1.8%—all to new record highs. Goldman was the best-performing stock in the Dow Jones Industrial Average on Tuesday. On the flip-side, Citigroup and Wells Fargo fell 5.3% and 2.8%, respectively.
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