Wells Fargo leads gains by big banks amid optimism for debt-ceiling deal

Wells Fargo & Co.’s stock WFC, -2.16% is rallying 5.3% as the biggest gainer among the U.S.’s six largest banks amid optimism in the broad equities market about a debt-ceiling agreement in Congress. It’s on pace for largest percent increase since July 15, 2022, when it rose 6.17%, according to Dow Jones data. Meanwhile, Bank of America Corp. BAC, -1.80% is up 4.3%, JPMorgan Chase & Co. JPM, -0.43% is rising by 2.9%, Citigroup Inc. C, -2.24% is moving up by 3.5%, Morgan Stanley MS, -0.49% is ahead by 2.1% and Goldman Sachs Group Inc. GS, -1.08% is up by 2.5%. For its part, Wells Fargo is trading above $40 a share for the first time in about three weeks. The stock is at $40.45 in recent trades. On April 25, the company’s stock closed at $40.55. Regional-bank stocks also rose, with the KBW Nasdaq Bank Index BKX, -0.81% is up by 4.8%.

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