October 11, 2024

Bank ETFs jump as JPMorgan, Wells Fargo stocks surge after earnings results

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Exchange-traded funds that buy bank stocks were rallying Friday, after JPMorgan Chase & Co. and Wells Fargo & Co. reported their third-quarter results.

The SPDR S&P Bank ETF was rising 1.9% on Friday morning, while the SPDR S&P Regional Banking ETF gained 2%, according to FactSet data, at last check. Shares of JPMorgan jumped 3.9% on Friday morning, while Wells Fargo’s stock was surging 5.7%.

The U.S. stock market was broadly trading mostly higher Friday morning, with the Dow Jones Industrial Average rising 0.4%, the S&P 500 edging up 0.2% and the Nasdaq Composite slipping 0.1%, according to FactSet data, at last check.

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