US Stock Market Move | Large bank stocks rose together, with Goldman Sachs Group, Inc. (GS.US) up over 8%.
On Tuesday, large bank stocks rose together.
On Tuesday, large bank stocks rose across the board, with Goldman Sachs Group, Inc. (GS.US) rising over 8%, JPMorgan Chase (JPM.US) and Bank of America Corp (BAC.US) rising over 2%, all hitting historical highs. In addition, UBS Group AG (UBS.US) rose nearly 4%, Barclays PLC Sponsored ADR (BCS.US) and Citigroup (C.US) both rose over 2%. In terms of news, the bank stocks' Q2 earnings season has begun, with strong performance reported. JPMorgan Chase reported a net profit of $21.155 billion in the second quarter, a 41% increase year-on-year, hitting a quarterly historical high, also marking the highest quarterly profit in Bank of America Corp's history. Goldman Sachs Group, Inc.'s Q2 net revenue increased by 39% year-on-year to a record high of $20.34 billion, with net profit up 78%. Bank of America Corp's total revenue for the quarter soared by 34% to a record $7.1 billion.
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