His victory is expected to usher in sweeping changes from the Biden administration, including a tougher stance on immigration and crime as well as a more hands-off approach to regulating businesses. It’s also producing significant rallies of individual stocks as well as the overall market. It’s too soon to say whether the gains will last.
Still, banks have been on edge because even a small increase in capital requirements could hurt their profitability, since it means they could have fewer funds to lend out. Shares of JPMorgan Chase , the nation’s largest bank, as well as Goldman Sachs and Citigroup , were all up more than 10% Wednesday afternoon.
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