Bank stocks bounce sharply after earnings reporting season kicks off
Bank stocks rallied Friday, bouncing after the drubbing they suffered over the past two sessions, as a number of key players unveiled third-quarter results to kick off earnings reporting season. The SPDR Financial Select Sector ETF rose 2.0% ahead of the open, after shedding 6% the past two sessions amid a sharp selloff in the broader market. Among those that reported results Friday, shares of J.P. Morgan Chase & Co. gained 1.7%, Citigroup Inc. rose 3.3% and Wells Fargo & Co. hiked up 1.7%. Elsewhere, Bank of America Corp.’s stock rallied 2.9% and Goldman Sachs Group Inc. shares tacked on 2.0%. Meanwhile, the Dow Jones Industrial Average futures jumped 219 points, after the Dow plummeted 1,378 points the past two sessions.