Bank stocks are showing green in sea of red in premarket trading Monday, after the Federal Reserve said late Friday (Bank of America Corp. (BAC) got a 2.9% boost, Citigroup Inc. (C) climbed 3.0%, Wells Fargo & Co. (WFC) advanced 1.3% and Goldman Sachs Group Inc. (GS) gained 2.8%. The rallies come while futures for the Dow Jones Industrial Average tumbled 442 points, or 1.5%, amid concerns over a new viral strain of coronavirus ( ) that causes COVID-19.) it will allow big banks to start buying back stock again, restrictions which were put in place in June amid concerns over the impact of the COVID-19 pandemic. The Fed said the latest stress tests confirmed that the big banks were in good financial health despite the recession. The SPDR Financial Select Sector ETF rallied 0.7% in premarket trading. Among some of the ETF's most heavily weighted banking components, shares of J.P. Morgan Chase & Co. (JPM) rallied 3.6%,
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 21, 2020 07:33 ET (12:33 GMT)
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