Bank stocks on rise after news of Powell’s renomination to lead Fed


Bank stocks rose on Monday after President Joe Biden on Monday nominated Jerome Powell for a second term at the U.S. Federal Reserve. The KBW Nasdaq Bank Index kbw advanced by 1.3%, JPMorgan Chase & Co. JPM, +2.13% rose by 1.8%, Citigroup C, +1.06% rose by 1.4% and Goldman Sachs GS, +2.26% advanced by 2%. Wells Fargo WFC, +3.11% moved up by 2.2%.

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