Bank Shares Pop After Fed Stress Test Results
U.S. bank stocks may be set to put a record losing streak firmly behind them as results from a second round of Federal Reserve stress test signal it’s time to buy. Clear winners include Wells Fargo, which was formerly in the Fed’s penalty box, and which now plans to buy back up to $24.5 billion in shares and to increase its dividend. Ally is up as much as 4.9 percent and Santander Consumer USA is rising 3.7 percent.