Bank stocks surged after federal regulators on Thursday announced they plan to roll back post-financial crisis restrictions, including the Volcker Rule which prevent banks from making large investments into certain funds....
The reversal of the margin requirement for swaps trades could potentially free up an estimated $40 billion for Wall Street banks, BloombergShares of major banks soared on the news, leading the market to cut its losses from disappointing unemployment data and turn positive on Thursday morning. JPMorgan and Morgan Stanley saw their stocks rise more than 2%, while Citigroup and Bank of America are both up over 1.5%.
The Federal Deposit Insurance Corp. is set to join the OCC in approving the rule changes when it meets for a vote later on Thursday, but the Federal Reserve will still need to sign off on the move, according to Bloomberg.The Volcker Rule was originally established as part of the 2010 Dodd-Frank Act, with the aim offrom acting like hedge funds and taking irresponsible risks with their investments.
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These are the best stocks to own for the surge in 'staycations,' says Bank of AmericaNew for subscribers: These are the best stocks to own for the surge in 'staycations,' says Bank of America Check out CNBCPro for a free trial. Pro Bank of America is already fully invested in these stocks. Now they want you to pile in so you can run up the price so they can cash out at higher prices. See how this works? Pro $300 bucks a year for pro that's a ton for some of us. Oh pro must be for the super rich huh?
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Source: AP - 🏆 728. / 51 Read more »
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