Financial stocks jump as Wall Street rallies after Democrats win Congress
XLF•Financial stocks climbed Wednesday after Democrats’ midterm victory, with the S&P 500 Financials index up 3.1% and the S&P 500 gaining 1.86%.
1. Financial stocks rise
Financial stocks climbed broadly on Wednesday as Wall Street rallied after Democrats’ sweeping midterm election victory. JPMorgan Chase, Morgan Stanley, Goldman Sachs and Bank of America rose between 3% and 3.7%; Apollo Global Management and Brookfield Asset Management gained about 7%, while Blackstone, Ares Management and KKR rose between 5% and 6.5%. Deutsche Bank Research described the move as an emerging relief rally after election uncertainty passed.
