U.S. bank index on track for record close
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as investors speculate on a possible rate cut by the Federal Reserve next month, the U.S. banking stock index may see its first record closing since January 2022. The KBW banking index, which tracks the 24 largest U.S. banks, rose by as much as 3%, potentially setting a new historical closing record. This would mark the end of a period of more than 900 trading days without reaching a new high, the longest since the financial crisis, when the index went over 3500 trading days without hitting a new peak. As Powell cautiously opens the door to a rate cut in September, banking stocks also joined in the broader market rebound on Friday. Overall, thanks to the volatility in the stock, bond, and foreign exchange markets, major Wall Street banks posted solid second-quarter results. All banks that previously passed the Federal Reserve's annual stress test easily passed again, allowing them to increase dividends to levels beyond market expectations. The rise in bank stocks this year has also been driven by market expectations that the Trump administration's less stringent regulatory environment will stimulate corporate mergers and acquisitions, boosting investment banking revenue.
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