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Monday's Bank Stocks: Eased trade war fears send markets soaring


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Monday's Bank Stocks: Eased trade war fears send markets soaring

Markets rose broadly and strongly on Monday, March 26, as investors took advantage of last week's selloff activity and relief that trade war fears have eased to create a buying frenzy.

The Dow Jones Industrial Average jumped 2.84% to 24,202.60, the S&P 500 improved 2.72% to 2,658.55 and the Nasdaq Composite Index increased 3.26% to 7,220.54.

Monday was the first day of trading following reports that China and the U.S. have started negotiating to improve U.S. access to mainland Chinese markets, a development that heartened investors. The Trump administration laid out specific measures to address the U.S.' $375 billion trade deficit with China in a letter sent in the week of March 19 to Liu He, China's vice premier for financial and industrial policy. The letter came after announcements of U.S. plans to hit China with tariffs on as much as $60 billion in imports and other restrictions and the immediate threat of Chinese retaliation sent U.S. markets into a malaise.

Even U.S. central bankers weighed in on the situation. Minneapolis Federal Reserve President Neel Kashkari said at an event in New York that the Federal Reserve may need to start focusing more on the potential effects of trade wars as tensions with China ratchet higher.

Financials rode the upward momentum with index-leading gains. JPMorgan Chase & Co. rose 3.08% to $110.31, Citigroup Inc. expanded 2.77% to $69.78, Bank of America Corp. improved 4.35% to $30.44 and Wells Fargo & Co. grew 2.57% to $52.29.

BOK Financial Corp. gained 4.24% to $99.74, SVB Financial Group added 4.14% to $249.47 and Fulton Financial Corp. rose 4.01% to $18.15.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.

Market prices and index values are current as of the time of publication and are subject to change.