Bank of America, Banking Stocks Rise on Possibility of Democratic Senate Majority
Banking stocks climbed as Democrats won one runoff election in Georgia and held a narrow lead in another.
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Jan 6, 2021
Banking stocks were rising Wednesday as Democratic challenger Raphael Warnock beat the Republican incumbent, Kelly Loeffler, in Georgia, opening up the possibility of a Democratic takeover of the U.S. Senate.
Shares of JPMorgan Chase & Co. (
JPM) - Get Report were up 4.6%, while Bank of America (
C) - Get Report rose 6.4%, and Wells Fargo & Co. (
Analysts believe that a Democratic majority in the Senate would give President-elect Joe Biden more freedom to enact such policies as more pandemic aid, increased government spending and support for renewable energy. More stimulus spending can be good for banks and their customers, while higher interest rates that result from more spending and borrowing can be good for lenders, too.
Bank traders may no longer get on the edge of their seats ahead of the annual CCAR results, but in a very weak 2016, banks could use any bit of good news they can find. According to Buckingham analyst James Mitchell, a bit of good news is exactly what the market should expect. Buckingham is. Read More.
New London When Yale New Haven Health doles out bonuses to employees across its five-hospital system next week in appreciation of their efforts during the COVID-19 pandemic, some 1,700 union workers at Lawrence + Memorial Hospital won’t be among the recipients.
Leadership of AFT Connecticut, whose three L+M locals represent registered nurses, technical professionals and health care workers, rejected the bonuses, which the union says were only offered as an incentive to adopt Yale New Haven Health’s biweekly payroll system, a move that calls for formal negotiations. The bonuses were never presented as rewards for jobs well done, according to the union, and were never discussed with the locals’ membership.