Financial Stocks Mover Higher Before The FOMC
All of the leading financial stocks are trading sharply higher this morning. Later this afternoon, the Federal Open Market Committee (FOMC) will release its monetary policy statement for the United States. The giant financial stocks have been the largest beneficiaries from the central bank's actions since 2009.
Traders will want to follow J.P. Morgan Chase & Co (NYSE:JPM) very closely as the stock has been a leading indicator for the overall markets. Today, JPM stock is trading higher by 0.51 cents to $55.85 a share. This is indicating that there is very little fear that the FOMC will hint about tapering their current $85 billion a month QE-3 program. Some other leading financial stocks that are trading higher on the session include The Goldman Sachs Group, Inc. (NYSE:GS), Bank of America Corporation (NYSE:BAC), and BlackRock, Inc. (NYSE:BLK). Short term day traders should expect intra-day resistance on JPM stock around the $56.30 levels.