Bank Stocks Rally by Most in 18 Months on Citi’s Blowout Quarter
- KBW Bank Index surges 5.8% for its best day since January 2021
- Citi, Wells Fargo and Bank of America all gained at least 6%
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US bank stocks jumped by the most in more than 18 months on Friday, with Citigroup Inc.’s strong second-quarter results helping lift sentiment for the entire sector.
Citigroup shares surged 13%, their best day since March 2020, after the lender beat analyst expectations for both revenue and earnings on the back of a blowout quarter from its trading division. About 86 million shares changed hands Friday, almost four times the average three-month volume, according to data compiled by Bloomberg.