Charles Schwab Corp.’s stock rose on Monday after the financial-services company said its bank sweep deposits increased month over month for the first time in about 19 months.
While Charles Schwab SCHW, +5.03% fell shy of revenue estimates and beat its earnings mark, Wall Street focused on its comments on sweep deposits, in which excess funds are channeled into an higher-earning account.Overall, Schwab said cash-realignment activity slowed further, with bank sweep deposits moving up after having dropped since March 2022.