Why Financial Stocks Like American Express, Synchrony Financial, and Huntington Bancshares Rocketed Higher Today

Shares of bank and credit card stocks, such as American Express (NYSE: AXP), Synchrony Financial (NYSE: SYF), and Huntington Bancshares (NASDAQ: HBAN), rocketed higher on Wednesday, up 6.3%, 17.8%, and 11.8%, respectively, as of 11:49 p.m.The banking sector was broadly lifted after last night's election of Donald Trump and a potential Republican sweep of Congress. The across-the-board rally for financial stocks appears to be due to enthusiasm over the prospect of greater financial deregulation, with perceived "riskier" financial stocks rallying the most.The prospect of the incoming Trump Presidency and Republican term in Congress increases the prospects of a rollback in regulations and consumer protections put in place after the global financial crisis of 2008 and enforced aggressively under the current administration.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool