Banks Jump as Mike Mayo Sees 1995 `Party' in Event of Rate Cuts
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Big bank stocks surged in Tuesday trading, with Citigroup Inc. and Bank of America Corp. rallying the most since January. Earlier, Federal Reserve Chairman Jerome Powell signaled an openness to cutting interest rates if necessary.
The KBW Bank Index rose as much as 3.1%, with Citigroup climbing as much as 5.1%, the most intraday since January 4 and BofA up as much as 4.4%, the most since January 16.