Big Bank Investors Relieved With Dimon Purchase, Deutsche Bank Commentary
Bank stocks surged on Friday as investors had several reasons to be bullish.
JPMorgan Chase & Co. (NYSE: JPM)'s CEO Jamie Dimon bought $26 million of JPMorgan's stock, according to a New York Times report. The publication suggested that Dimon's large stock purchase may serve as "recognition" that shares of financial companies are "relatively cheap."
Shares of JPMorgan spiked higher by more than 5 percent.
Deutsche Bank AG (NYSE: DB)'s stock was higher by more than 8 percent as the bank highlighted its "strong liquidity position" in a public tender offering.
Other U.S.-based and European-based banks were also trading higher on Friday following the encouraging reports.
Shares of Citigroup Inc (NYSE: C) were higher by more than 3.5 percent, while shares of both Goldman Sachs Group Inc (NYSE: GS) and Wells Fargo & Co (NYSE: WFC) were higher by nearly 2.5 percent.
Among European banks, both Credit Suisse Group AG (ADR) (NYSE: CS) and Royal Bank of Scotland Group PLC (NYSE: RBS) gained nearly 5 percent and UBS Group AG (NYSE: UBS)'s stock were higher by around 3 percent.
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