JPMorgan Fuels Rally in Banks and the US Stock Market
- KBW Bank Index jumped 4.1% Monday, while S&P 500 adds 1.9%
- Mike Mayo says outlook bullish for the banking industry
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JPMorgan Chase & Co. jumped by the most in 18 months on Monday after chief executive officer Jamie Dimon gave the country’s largest bank, and the US stock market, a boost with upbeat comments about the state of the economy.
Shares of the JPMorgan rose 6.2%, the most since November 2020, making it the fifth best performing stock in the S&P 500 and among the biggest contributors to the 1.9% rally in the benchmark. Bank of America Corp., Wells Fargo & Co. and Citigroup Inc., which all gained at least 5% each, also helping fuel the market’s climb.