Citi’s Blowout Quarter Fuels Best Rally by Bank Stocks Since May

Citigroup shares surged as much as 11%, their best day since November 2020, after the lender beat analyst expectations for both revenue and earnings on the back of a blowout quarter from its trading division. Meanwhile, Wells Fargo & Co. climbed 7.9% as investors looked past the bank’s worse-than-expected top and bottom lines figures and instead focused on its 16% increase in net interest income. The KBW Bank Index rose 4.8%, outpacing gains by the broader S&P 500 Index.

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