Bank of America Corp, Morgan Stanley, and Goldman Sachs Group Inc joined the rally, while the KBW Bank Index climbed by the most in three weeks. Investors had been steering clear of the financial sector overall amid the turmoil, leaving the stocks cheap. Wells Fargo & Co’s stock closed little changed after it pointed to a 45% jump in its NII in the quarter. The KBW Regional Banking Index dropped by 2.2% on Friday, extending the year’s losses to 22%. The class of American financial institutions fell under pressure earlier this year amid collapses at Silicon Valley Bank and other regional lenders.

Source: The Edge Markets April 15, 2023 13:53 UTC