Financials Bounce Back: Morgan Stanley, JPMorgan, Bank of America All Move Higher

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The financials are all trading higher on the current session. The SPDR financial ETF
XLF
is up well over 1%. Shares of Morgan Stanley
MS
and JPMorgan
JPM
are up just under 3%, while Bank of America
BAC
Is trading up roughly 2.50%. Warren Buffett's favorite bank Wells Fargo
WFC
is under performing, up just about 1%. Goldman Sachs
GS
is seeing similar performance. The financials may be bouncing on comments coming from Europe, as well as speculation that central banks around the world could be preparing additional stimulus. In addition, financials could simply be seeing an oversold bounce as they have collectively sold off rather in dramatically in recent weeks, including a powerful move to the downside late last week. Spain's Rajoy made strong statements earlier, calling for the introduction of eurobonds and a banking union. Rajoy also urged European leaders to state that the project of creating the euro was "irreversible." On Wednesday, the European Central Bank will get the opportunity to change interest rates. Currently, rates remain at 1%. While the general consensus remains that the ECB will keep rates unchanged, a rate cut could offer support to economies in the Eurozone. Economist Nouriel Roubini stated that a rate cut would remain "in the cards."
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Posted In: NewsBondsFuturesPoliticsForexGlobalEconomicsMarketsMoversTrading IdeasGeneral
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