U.S. bank stocks received a boost on October 3 on the back of a positive ADP National Employment Report which showed that private payrolls rose by 230,000 jobs in the month of September. This represented the largest single month gain since February 2018.
The Institute for Supply Management also released a report which showed services sector activity hit more than a two-decade high in September.
JPMorgan Chase & Co. (NYSE:JPM) stock rose 0.94% on the same day.
Shares have climbed 8.4% over the last three months. Banks have been huge beneficiaries of U.S. tax reform and are in a great position to finish the year strong.
JPMorgan is set to release its third-quarter results on October 12. In the second quarter revenue shot up 8% year-over-year to $27.8 billion and adjusted net income rose 18% to a record high of $8.32 billion.
Goldman Sachs Group Inc. (NYSE:GS) stock has climbed 1.2% over the past three months but share have dropped 11% in 2018 so far. The bank is set to release its third-quarter results in the middle of October. In the second quarter Goldman Sachs saw profit soar 40% year-over-year to $2.57 billion as company-wide revenue rose 19% to $9.4 billion.
Bank of America (NYSE:BAC) stock is up 4.6% over a three-month period as of close on October 3. Shares have been mostly flat in 2018. Its third-quarter results will also be released in mid-October.
In the second quarter net income surged 33% to $6.8 billion. The bank reported record first-half net income of $13.7 billion in 2018.
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