US bank stocks are getting a boost as the Senate nears vote on tax reform

John Moore/Getty ImagesGoldman Sachs Chairman and CEO Lloyd Blankfein attends the Clinton Global Initiative), on September 24, 2014
  • 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.

Read more about the Senate’s tax bill here.

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