Financial stocks turned higher in premarket trade Friday, after stronger-than-expected January jobs data (Bank of America Corp. swung to a gain of 0.2% from a decline of 0.1% before the data; Citigroup Inc. (C) tacked on 0.3%, after being down 0.3%; Goldman Sachs Group Inc. (GS) turned into a gain of 0.1% from a loss of 0.6%; Wells Fargo & Co. (WFC) edged up 0.4%, after being down 0.2%. Higher longer-term Treasury yields can help boost bank profits, as it can increase the spread between what banks earn on longer-term assets, such as loans, and what they pay on shorter-term liabilities. Meanwhile, Dow Jones Industrial Average futures rose 58 points after the data.) helped push up Treasury yields. Shares of J.P. Morgan Chase & Co. (JPM) rose 0.4% in premarket trade, after being down 0.2% just prior to the release of the jobs data;
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 01, 2019 08:51 ET (13:51 GMT)
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