Financial stocks power broadly higher, as J.P. Morgan Chase sees biggest gain in 18 months

Financial stocks enjoyed broad gains Monday, with the sector the best performer of the S&P 500’s 11 major sectors, after J.P. Morgan Chase & Co. raised its outlook for net interest income (NII). The SPDR Financial Select Sector ETF charged 3.8% higher in midday trading, with all 66 equity components gaining ground. The group was led by J.P. Morgan Chase & Co.’s stock , which shot up 7.5%, to also pace the Dow Jones Industrial Average’s gainers, after the bank raised its 2022 NII outlook to more than $56 billion from more than $53 billion. The stock’s gain, which is on track to be the biggest since it soared 13.5% on Nov. 9, 2020, comes after it closed Friday at an 18-month low. Among some of the other top gainers in the financial ETF, shares of Citigroup Inc. climbed 7.4%, Bank of America Corp. hiked up 6.6% and Wells Fargo & Co. ran up 5.9%.

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