Rallying Bank Stocks Have Further Room to Run, Analyst Says
Goldman Sachs: Hedge funds are scrambling for bank stocks after the end of the US presidential election, while the public utility sector has seen net selling for the first time in four weeks.
A report from Goldman Sachs shows that as investors react to Trump winning the USA presidential election, hedge funds bought bank stocks at the fastest pace in three years last week while shorting renewable electrical utilities producers.
Trump's election victory boosts US bank stocks, with Wall Street expecting relaxed regulations.
Within the largest banks in the usa, people's emotions range from cautious optimism to excitement because they see the prospect of relief from regulatory institutions during the Biden era.
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Is Trump's victory equivalent to the banks on Wall Street winning? The five major banks have repeatedly hit new highs this year, and financial stocks are expected to continue the 'victory trade'.
Investors will hope for Trump to weaken financial regulations. Analysts point out that Trump's victory will bring the biggest change to federal financial regulatory institutions in US history.
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