Stocks soared Monday, as positive news about earnings from banking powerhouse JPMorgan Chase and comments from President Joe Biden about the possibility of lifting some US tariffs on China boosted sentiment on Wall Street.
Banks have been market losers so far this year, even though many financials should benefit from the fact that the Federal Reserve is raising interest rates. Higher rates should boost lending profits, but investors seem more worried about surging inflation and rate hikes eventually leading to a slowdown in the housing market and broader economy.Mahmood Noorani, co-founder and CEO at Quant Insight, said many financial stocks were oversold and had become cheap.
The tech-heavy Nasdaq index was up 1.6% Monday. Talk from Biden about possibly rolling back tariffs on Chinese imports would be good news for the tech sector, which does a lot of business in China.
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