In anticipation of bank (NYSE:KBE) earnings reports to be released tomorrow, financial stocks (NYSE:XLF) take part in a market upswing today. Citigroup (NYSE:C) leads the way with gains of 4.96% followed by JP Morgan (NYSE:JPM) up 2.82%, and Bank of America (NYSE:BAC) up 1.10%.
The US financial industry follows the example of the European bank stocks which are also gaining big today. Take a look at Deutsche Bank (NYSE:DB), Credit Suisse (NYSE:CS), UBS (NYSE:UBS), Lloyds (NYSE:LYG), Royal Bank of Scotland (NYSE:RBS), Barclays (NYSE:BCS) and HSBC (NYSE:HBC).
Here’s Your Cheat Sheet to JP Morgan’s Earnings Preview.
Here’s Your Cheat Sheet to Citigroup’s Earnings Preview.
The Financial Select Sector SPDR (NYSE:XLF) is down nearly 23% year-to-date. The largest US consumer bank, Bank of America (NYSE:BAC) is down 53% for the year. With the high volatility (NYSE:VXX) in September, earnings season is sure to be a show.