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Bank stocks rise on Trump policy hopes

Thursday, November 10, 2016 - 01:01

Donald Trump's surprise election win has helped bank stocks, but the President-elect's unclear positions remains a concern. Bobbi Rebell reports.

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The Trump presidency being seen as a win for the financial sector. Bank stocks getting a boost on Wall Street on the belief that there will be less regulation and that the White House will be more friendly to business. But Reuters BreakingViews Antony Currie points out the policy is still not fully clear: SOUNDBITE: ANTONY CURRIE, ASSOCIATE EDITOR, REUTERS BREAKINGVIEWS (ENGLISH) SAYING: "On the one hand, he says let's get rid of Dodd-Frank. On the other hand, let's bring back Glass-Steagall which was the predecessor to Dodd-Frank which broke up the banks. So you could even say if you wanted to be a little bit risqué that the bank stocks are going up, especially the big ones because investors are thinking we will finally get to see whether there is more value in these things broken up than they are as a whole." Currie adds that Trump has supported the idea of higher interest rates, which would help bank profits. He also spoke in his victory speech about spending on America's roads and bridges, which are also considered good signs for Wall Street and the financial sector.

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Bank stocks rise on Trump policy hopes

Thursday, November 10, 2016 - 01:01