Banking stocks were rising Wednesday as Democratic challenger Raphael Warnock beat the Republican incumbent, Kelly Loeffler, in Georgia, opening up the possibility of a Democratic takeover of the U.S. Senate.
Shares of JPMorgan Chase & Co. (JPM) – Get Report were up 4.6%, while Bank of America (BAC) – Get Report was up 7.1%, Citigroup (C) – Get Report rose 6.4%, and Wells Fargo & Co. (WFC) – Get Report was up 7.6%
Analysts believe that a Democratic majority in the Senate would give President-elect Joe Biden more freedom to enact such policies as more pandemic aid, increased government spending and support for renewable energy.
