Finance
Banks Put Up Strong Earnings, Pushing Stocks Beyond 2023 Levels
- Wells Fargo, Morgan Stanley shares jump to give sector a boost
- ‘Banks are at a multi-year inflection point,’ Mike Mayo says
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It’s been a long hard climb, but a better-than-expected earnings season is propelling bank stocks back to levels not seen since before the 2023 regional banking crisis, signaling that investors have finally regained confidence in the finance industry.
The KBW Banking Index is up 5.9% since banks started reporting results on Oct. 11, reaching its highest level this week since March 2022. The gains have pushed the gauge up 28% in 2024, outperforming the S&P 500 Index and putting it on track for its best year since 2021 after plunging 24% in 2023.