Bank Stock Roundup: Trump's Policy Uncertainty Hits Headlines, Wells Fargo In Focus
Zacks Investment Research | May 19, 2017 03:46AM ET
Over the last five trading days, performance of banking stocks has been bearish. The news from Washington about Donald Trump interfering with a federal probe, along with calls for independent investigation related to probable collusion between his election campaign and Russia, has shaken investors. Further, concerns increased on the uncertainty related to the promised policy change associated with tax and banking sector reforms, along with infrastructure spending, moving forward on the administration agenda.
Mortgage rates declined this week, hitting 4.02%, along with bond yields on weak domestic economic data. Further, the benchmark 10-year Treasury yield declined to 2.18%, depicting a one-month low figure, as demand for safe-haven assets increased due to the ongoing political concerns.
Nevertheless, strategies to enhance profitability through streamlining operations, and resolution of litigations and probes related to legacy matters and business misconducts persisted in the last five trading days.
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