Bank Stock Roundup: Positive Catalysts Drive Bank Stocks -- PNC, WFC, C In Focus
Zacks Investment Research | Dec 01, 2017 02:59AM ET
Over the last five trading days, performance of banking stocks was overtly positive. The bullish trend was largely driven by progress in tax reform bill, favorable economic data and positive comments by Jerome H. Powell — President Trump's nominee for Fed Chairman.
Powell’s comments in support of lesser regulations cheered investors. Apart from this, stability in the Fed's policy despite leadership change is a good sign for the banking sector. Also, encouraging economic data (surge in consumer confidence and higher-than-expected GDP rate) point toward an improving economy.
All these favorable factors drove banking stocks higher. Further, banks continued with their initiatives to improve operating efficiency and strengthen profitability through restructuring businesses.
(Read: Zacks Investment Research
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