U.S. financial CDS are tightening and some bank stocks are surging as well on the back of this market rally.
First, CDS (5-year in bps), from CMA Datavision:
- JPMorgan, down to 88 bps from 95.4 bps at yesterday’s close
- Wells Fargo, down to 92.7 bps from 99.5 bps at yesterday’s close
- Morgan Stanley, down to 209.5 bps from 224.5 bps at yesterday’s close
Now, financial stocks are also surging:
- Wells Fargo up 2.33%
- JPMorgan up 2.50%
- Goldman Sachs up 2.05%
And Morgan Stanley, leading the pack.