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The Bull: U.S. Markets Making History | U.S. President Set to Deregulate Banking

In Currency, Politics by Dusty Croghan

Market Watch: “Trump moves to remove financial-industry regulations, which helped spark a rally in bank shares, including Goldman Sachs”

“The financial sector popped 2%, and was by far the biggest gainer of any S&P 500’s sector. Shares of J.P. Morgan Chase & Co. JPM, +3.06% Bank of America Corp. BAC, +2.51% and Citigroup Inc. C, +3.18% all closed up more than 2%, while Goldman Sachs Group Inc. GS, +4.57% and Morgan Stanley MS, +5.46% both finished up more than 4%. Goldman alone contributed about 40% of the Dow’s daily gains”

“Trump signed an executive order directing the Treasury secretary to review Dodd-Frank legislation, implemented in the aftermath of the 2008-09 financial crisis. The president signed a separate order that will delay the implementation of the “fiduciary rule,” which requires that the financial advisers and brokers who handle individual retirement and 401(k) accounts act in the best interest of their clients. Deregulation, proponents say, could improve the sector’s profitability, especially in an environment with rising interest rates, which is typically good for banks.”