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GOP sweep propels bank stocks, JPMorgan and BofA hit 52-week highs

Published 11/09/2016, 10:22 AM
GOP sweep propels bank stocks, JPMorgan and BofA hit 52-week highs
BAC
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JPM
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BARC
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CSGN
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STI
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WFC
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CMA
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STBZ
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FRCB
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KRE
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KBE
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  • Banking stocks are ripping solid gains on the heels of the Republican party taking the White House and retaining control of Congress. The prospect of higher interest rates and lighter regulation is outweighing concerns over new U.S. trade policies.
  • "Bank stocks have been besieged by Dodd-Frank regulations and a climate not conducive to supporting a stronger level of economic growth," observes Smead Capital Management.
  • Notable gainers include SunTrustBanks (STI +2.9%), Comerica (CMA +3.5%), Wells Fargo (WFC +2.7%), State Bank Financial (STBZ +3.7%), First Republic Bank (FRC +3.3%), Barclays (LON:BARC) (BCS +2.8%), Credit Suisse (SIX:CSGN) (CS +1.6%).
  • Then there's JPMorgan (JPM +3.2%) and Bank of America (BAC +3.2%) which just carved out new 52-week highs.
  • The SPDT KWB (NYSEARCA:KBE) is up 2.66% on the day, while the SPDR KBW Regional Banking ETF (NYSEARCA:KRE) is 2.84% higher.

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