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Megabank stocks add to gains after Fed hike

megabank-stocks-add-to-gains-after-fed-hike

Shares of the U.S.’s largest banks moved higher into positive territory on Wednesday after the U.S. Federal Reserve hiked its key lending rate by 75 basis points as expected. JPMorgan Chase & Co. JPM, -0.92% rose 1.3%, Goldman Sachs Group Inc. GS, +0.35% advanced by 1.9%, Citigroup Inc. C, -1.45% rose 1.3%, Morgan Stanley MS, +0.78% rallied 3.3% and Bank of America Corp. BAC, -0.30% jumped 2.7%. The Financial Select SPDR ETF XLF, -1.26% rose by 0.2% after moving into the red by 0.1% shortly before the move.

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