Bank stocks are up today, and investors wonder why have come to the right place!
The reason that bank stocks are up on Thursday has to do with an update from the Federal Reserve. In its last meeting for 2024, the central bank said that it wouldn’t be increasing interest rates.
While high interest rates are a boon for bank stocks, shares are still up today as this is a positive signal for the economy. Rising inflation has been weighing on consumers, and the Fed increased interest rates to bring it down.
This update shows that the Fed finally appears content with cooling inflation. That comes after 11 interest rate hikes that brought them to their highest level in more than 22 years.
It’s also worth mentioning that this is the third time in a row that the Fed has left interest rates untouched. To go along with that, the central bank has signaled that there will likely be at least three interest rate drops in 2024.
Let’s check out how bank stocks are reacting to this news below!
Banks Stocks Up Today
- SoFi Technologies (NASDAQ:SOFI) stock is up 5.5% as of Thursday morning.
- Bank of America (NYSE:BAC) stock is gaining 3.5% as of this writing.
- Wells Fargo (NYSE:WFC) stock is rising 2.7% on Thursday morning.
- JPMorgan Chase (NYSE:JPM) stock is climbing 1% higher on Thursday.
- Citigroup (NYSE:C) stock is increasing 2.9% this morning.
- Fifth Third Bancorp (NASDAQ:FITB) stock is heading 5.8% higher today.
Outside of bank stocks being up today, there’s plenty of other market news worth reading about below!
We have all of the hottest stock market news ready to go on Thursday! Among that is what’s happening with Opendoor Technologies (NASDAQ:OPEN) stock, Coinbase (NASDAQ:COIN) stock and Moderna (NASDAQ:MRNA) stock today. You can catch up on these matters at the following links!
More Thursday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
