Shares of banks and financial services companies, including JPMorgan Chase & Co (NYSE: JPM), are trading higher Monday following a rise in yields after U.S. President Joe Biden announced he would nominate Fed chair Jermone Powell for a second term.
The President named Fed Governor Lael Brainard as vice chair. If Brainard had been nominated for the Fed chair position, many expected more dovish monetary policy, meaning it may have taken the Fed longer to ease its stimulus measures.
The 10-year Treasury note climbed as high as 1.622% at publication time.
JPMorgan is one of the largest and most complex financial institutions in the United States, with more than $3 trillion in assets.
JPM Price Action: JPMorgan has traded as high as $172.96 and as low as $113.56 over a 52-week period.
The stock was up 2.83% at $165.46 at time of publication.
Photo: Håkan Dahlström from Flickr.
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