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Banks of America (BAC) and Citigroup (C) became the latest lender to report a better quarter on the back of stock-trading boom in major American banks shares.
Bank of America shares were up 4.5% on Tuesday afternoon, while the city people were 3.8% more. Both banks were among the top beneficiaries on S&P 500. The financial service sector of the benchmark index was its best artist in recent business.
The KBW Nasdaq Bank Index (BKX) was more than 2% in recent trading. Both Morgan Stanley (MS) and Goldman Sachs (GS) were around 2%. One of the world’s largest banks, JP Morgan Chase (JPM) shares changed slightly.
The comments by Bank of America CEO Brian Moionihan on the company’s earnings said that the US economy is at a solid rung despite the turmoil around the tariff of President Donald Trump, also raised the investor’s spirit. Trump has increased the concern of a spike in a looming recession and inflation in recent weeks since Trump started tariffs on American business partners.
Citragroup CEO Jane Fraser said on Tuesday that he believes that the US would continue to be the “leading economy of the world”. She also said that she was rapid about the possibilities for the US dollar, which is on track for the worst stretch of two months since 2002.
“When all are said and done, and long -term trade imbalances and other structural changes are behind us, the US will still be the world’s leading economy, and the dollar will remain reserved currency,” Fraser said.
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