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January 17, 2019

Big bank rally lifts markets

NEW YORK (AP) — Banks surged Wednesday following strong results from a slew of financial companies, and U.S. stock indexes finished broadly higher. Concerns about trade tensions between the U.S. and China derailed a bigger gain.

Financial and investment companies surged as fourth-quarter reports from Wall Street continued to roll in. Goldman Sachs' stock had its best day in 10 years, and Bank of America its best in seven. Banks were some of the chief beneficiaries of the corporate tax cut that took effect at the end of 2017, which fattened their balance sheets, but their stocks endured a rough year in 2018.


 
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