U.S. stocks rebounded to new session highs, led by financial and energy stocks, after the U.S. Federal Reserve held interest rates near zero but signaled a possible rate hike at its next meeting in December.
The Dow Jones Industrial Average surged 198 points, or 1.1%, to 17780. The S&P 500 rose 1.2% and the Nasdaq Composite was 1.3% higher.
Financial stocks were among the biggest gainers. Higher rates can bolster profits for banks because they tend to widen the difference between what banks charge on loans and what they pay for deposits.
Shares of J.P. Morgan Chase rose $1.86, or 2.9%, to $65.50. Bank of America rose 88 cents, or 5.4%, to 17.28. Goldman Sachs Group rose 5.01, or 2.7%, to 191.32.
The S&P’s financial-stocks index rose 2.4%. Energy shares were a close second, up 2.2% after a surge in crude-oil futures.
On Wednesday, Bank of America Corp (NYSE:BAC)’s shares inclined 5.37% to $17.28.
Bank of America Corp (BAC) is currently valued at $171.01 billion. The company has 10.43 million shares outstanding and 63.20% shares of the company were owned by institutional investors. The company has 3.66 value in price to sale ratio while price to book ratio was recorded as 0.77. The company exchanged hands with 147.72 million shares as compared to its average daily volume of 84.60 million shares. It beta stands at 1.79.
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and Governments with a range of banking, investing, asset management and other financial and risk management products and services.
American Airlines Group Inc (NASDAQ:AAL)’s shares dropped -1.29% to $45.86.
American Airlines Group Inc (AAL) has the market capitalization of $29.28 billion. Return on assets ratio of the company was 9.10% while its return on equity ratio was 19.40%. ATR value of company was 1.47 while stock volatility for week was 3.59% while for month was 3.54%. Debt to equity ratio of the company was -5.23 and its current ratio was -0.90.
American Airlines will build upon its commitment to focus on customers’ needs and wants, engage employees and look to the future as an industry leader in commercial aviation by partnering with Crispin Porter + Bogusky (CP+B) and MediaCom to manage its global advertising and media business. These global agency partners are known for inventive ideas that engage audiences and will create a new conversation for the American Airlines brand.
American began its advertising agency review with pitch consultancy AAR in July of this year as part of a broader objective to evaluate all major partners to more effectively compete and deliver on its vision to restore American to the greatest airline in the world. CP+B and MediaCom will be responsible for delivering planned and creative marketing solutions across the globe.
American has undergone noteworthy change since announcing its merger with US Airways in February 2013. The airline recently accomplished the integration of its reservations system and is investing more than $2 billion in improvements to the product and customer experience. This is in addition to its historic fleet renewal, which will give American the youngest fleet of its network competitors.
American Airlines Group Inc. (AAG) is a holding company and its wholly-owned subsidiaries include American Airlines, Inc. (American), US Airways Group, Inc. (US Airways Group) and Envoy Aviation Group Inc.
At the end of Wednesday’s trade, BP plc (ADR) (NYSE:BP)‘s shares surged 2.64% to $35.74.
BP plc (ADR) (BP) offered -25.20% EPS for prior five years. The company has -5.60% return on equity value while its ROA ratio was -2.20%. The company has $106.80 billion market capitalizations and the institutional ownership was 12.00%. Its price to book ratio was 1.03. Volatility of the stock was 1.77% for the week while for the month booked as 1.96%.
BP p.l.c. (BP) is an integrated oil and gas company. The Company provides its customers with fuel for transportation, energy for heat and light, lubricants and the petrochemicals products used to make everyday items, including paints, clothes and packaging.