Why JPMorgan Chase Stock Popped Today

Shares of JPMorgan Chase (NYSE: JPM) were surging today in response to former President Trump's victory last night. Cyclical stocks like banks and energy broadly soared on the news, as the new Republican administration is expected to take a number of steps to stimulate the economy, including tax cuts and a friendlier regulatory framework for business, which tends to favor banks.JPMorgan Chase shares also seemed to get a boost as Jamie Dimon will remain at the CEO position and not take a job with the Trump administration, as some had suspected.Driven by those combined issues, the stock soared 10.3% as of 11:55 a.m. ET -- huge gains for the country's No. 1 bank by assets. The financials sector as measured by the Financial Select Sector SPDR Fund jumped 5.6%, showing roaring gains for bank stocks broadly.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool