JP Morgan's Announcement Sends Stocks Higher
Throughout the day's session, stocks slow melted up ahead of the FOMC's rate decision.
Then, right around 3pm, JP Morgan (NYSE: JPM) announced that it was raising its dividend by $0.05 and buying back $15 billion of stock.
In the wake of the announcement, JP Morgan's shares spiked sharply higher, and are currently trading up over 7% going into the close.
JP Morgan's announcement prompted the Federal Reserve to state that it was planning to release the full results of its stress test at 4:30pm.
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