Wells Fargo (WFC.US) stock rose more than 5% today after the Fed reportedly signaled that it will accept the bank’s plan to overhaul its governance functions, Bloomberg reported, which removes a hurdle in eventually removing an asset cap imposed on the bank three years ago. Back then Fed limited the bank's overall assets to $1.95T until it was satisfied that Wells Fargo has systems in place that will prevent sales abuses practices, such as the millions of fake accounts that were opened over years. However before the Fed will vote to lift the restrictions, Wells Fargo has to implement its plan according to Fed’s guidelines, then get its controls approved by an outside party.
Wells Fargo (WFC.US) - positive news triggered a big price jump and stock broke above the local resistance at $35.00. Should upbeat moods prevail, next resistance at $39.54 may come into play. Source: xStation5
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