Trump’s Wall Street Embrace Powers Banks En Route to Dow 20,000
- Goldman Sachs, JPMorgan are up at least 20% since election
- The two banks account for about a third of Dow’s increase
Big Banks Love Trump
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With the Dow Jones Industrial Average on the cusp of completing its fastest trip between 1,000 point milestones, two bank stocks whose market value has increased by $76 billion since Donald Trump’s election stand out as the engine behind the surge.
Goldman Sachs Group Inc. and JPMorgan Chase & Co., the best performers since the Nov. 8 vote with gains exceeding 20 percent, account for roughly one-third of the 1,578-point increase in the 120-year-old gauge. The 30-member gauge closed Tuesday within 0.5 percent of 20,000 less than a month after it broke through 19,000.