Big Banks Cleared to Raise Dividends, Buy Back Stock
Charlie Toole, vice president at Adviser Investments, has the market analysis for Friday, June 28. The market ended the first half of 2019 on a high note as all major U.S. stock indexes were up. The Dow Jones Industrial Average, S&P and NASDAQ rose 0.3%, 0.6% and 0.5%, respectively. The G-20 summit led to President Trump and President Xi speaking about a trade truce and further negotiations, cheering investors. Meanwhile, financials were the best performing sector of the day, as JPMorgan, Wells Fargo, Bank of America and Citigroup got the Federal Reserve’s blessing to raise their dividends and buy back stock after passing the central bank’s annual stress test.