Bank Stocks Soar as Trump Victory Sparks Wall Street Celebration

4:49 PM 6 November 2024

Wall Street erupted in a frenzy of buying on Wednesday as Donald Trump secured his second presidential victory. Banking stocks led the charge, with JPMorgan Chase soaring over 9.79% and Goldman Sachs climbing more than 12.42% . Traders rushed to position themselves for what many called "Trump Trade 2.0" – betting on lower corporate taxes, looser regulations, and a more business-friendly environment that could boost bank profits.

 

Source: xStation

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"It's like 2016 all over again, but bigger," remarked veteran trader Sarah Chen, watching her terminal as bank stocks hit new highs. The KBW Bank Index recorded its best single-day performance since 2022, while regional banks surged even higher on hopes of reduced regulatory oversight. By mid-day, the banking sector had helped push the S&P 500 to record levels, marking what analysts called "the dawn of a new era for financial stocks.

Both JPMorgan Chase and Goldman Sachs stocks are at their ATH. The RSI is approaching ovebought levels with MACD in bullish divergence. Source: xStation

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