- The Senate is moving closer to passing tax reform.
- The bill is still being finalised, but could be voted on as early as Friday.
- Bank stocks are seeing a boost as the bill is debated and comes closer to a vote.
Wall Street’s banks are enjoying another day of gains as the US Senate hurdles toward a vote on its tax bill.
The Senate’s version of the Tax Cuts and Jobs Act faces a period of debate before it goes into a vote-a-rama. Several last-minute changes have improved its chance of passing, including a less than expected cut in the planned corporate tax rate, and a “trigger” that could reverse several of the bill’s measures if they don’t provide the economic stimulus promised by the authors of the bill.
Bank stocks rallied Wednesday after a draft of the bill leaked, and are up again on Thursday as the Senate debates the bill and moves closer to a final vote.
An S&P index tracking bank stocks was up more than 2% on Wednesday and is rising again on Thursday, up 0.72%. Here’s how some of the biggest names on Wall Street are doing.
- Bank of America (BAC) +0.62% at $US28.46
- JPMorgan (JPM) +1.27% at $US105.05
- Citigroup (C) +0.95% at $US75.75
- Key Corp (KEY)+1.00% at $US19.20
- Wells Fargo (WFC) +0.18% at $US56.78
- Capital One (COF) +1.13% at $US92.11
- BB&T (BBT)+0.75% at $US49.50
- Goldman Sachs (GS) +1.86% at $US245.86
- PNC (PNC) +1.30% at $US141.55
- SunTrust (STI)+1.47% at $US62.20