Stocks surge thanks to big rally for JPMorgan Chase and other banks
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Summary
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. 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. The S&P; 500 is not far from bear market territory, having plunged about 17% this year. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P; Dow Jones Indices LLC and have been licensed for use to S&P; Opco, LLC and CNN. All content of the Dow Jones branded indices Copyright S&P; Dow Jones Indices LLC 2018 and/or its affiliates.© 2021 Cable News Network.
As said here by Paul R. La Monica, CNN Business