Mayo Says ‘Bank Trifecta’ Buoys Shares to First Record in 3 Years
Traders work on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergA key gauge of US bank stocks notched its first record close since January 2022, with the latest leg higher coming after Federal Reserve Chair Jerome Powell signaled a willingness to cut interest rates next month.
The KBW Bank Index, which tracks 24 of the largest US lenders, surged 3.2% to 148.05 on Friday. Shares of Goldman Sachs Group Inc. and Citigroup Inc. led gains among the big six banks. The index has gained around 16% for the year.