The Shady Reason For A Bank Stock Surge
Stocks are moving higher today on the back of the banking sector. Banks are surging today as the ISDA (International Swaps and Derivatives Association) decided not to declare Greece in bankruptcy. This is positive for the banks as they will not take massive losses (as of now). Ultimately, it is just a short term stay of execution but one that is causing the banks to surge higher and lift the market. Interestingly enough, one might wonder who the main players that have influence in the ISDA decision are? The answer is simple and obvious, JPMorgan Chase & Co. (NYSE:JPM), Goldman Sachs Group, Inc. (NYSE:GS), Morgan Stanley (NYSE:MS). Essentially, it is self serving and not surprising they did not vote to declare the bankruptcy.
Goldman Sachs is trading at $119.7, +4.60 (+4.00%), JPMorgan Chase is trading at $40.37, +1.13 (+2.88%) and Morgan Stanley is trading at $19.07, +0.53 (+2.86%).