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Wells Fargo Leads Banks Up as Trump Win Seen Curbing Warren

  • Regulations likely ‘less onerous under Trump,’ analyst says
  • Spending could boost long-term rates, fueling lending income
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Donald Trump, Dodd-Frank Hopes Boost Bank Stocks

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Wells Fargo & Co. climbed for a second straight day, leading U.S. bank stocks higher, as investors bet that a Trump presidency will lead to less regulation, sideline some of the industry’s sharpest critics and lift long-term interest rates.

Wells Fargo, which drew bipartisan rebukes from Congress after bank employees opened unauthorized customer accounts, rose 7.8 percent to $51.73 at 3:40 p.m. in New York. The stock has climbed 14 percent since Donald Trump’s victory on Tuesday, the best two-day rally in seven years. The shares have more than recouped their declines since Sept. 8, when the lender announced a settlement with regulators for abusing retail customers.