Why Brokerage Stocks Like Schwab and Raymond James Are Up Today

A good day for the stock market is proving to be a great day for select financial names. Shares of brokerage outfits Charles Schwab (NYSE: SCHW) and Raymond James Financial (NYSE: RJF) are up 6.5% and 9.4% (respectively) headed into Wednesday's close, for reasons that aren't exactly surprising.Credit Donald Trump's successful bid for the U.S. presidency, mostly. While current VP and defeated presidential hopeful Kamala Harris wouldn't have necessarily been bad for business, it's believed that brokerage firms and other financial stocks will fare better with pro-business Trump in the White House. Shares of more conventional banking names like Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC) are faring even better on Wednesday, for largely the same reason.And it's not a terrible bet. Shares of Raymond James advanced between the time Trump was first elected in November 2016 and the advent of the COVID-19 pandemic in early 2020. Ditto for Charles Schwab stock.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool