After news of its phony accounts scandal broke in August, Wells Fargo’s stock got a long drag through the mud. But with expectations of a presidency that will be much friendlier to the financial industry, investors are finally beginning to show a little forgiveness.
Shares of Wells Fargo wfc closed up 7.6% Thursday, to their highest point since January—long before news of its 2 million fake accounts reached consumers. That also pushed Wells Fargo’s market cap to $263.3 billion.
Wells led led bank stocks as the overall financial sector got a boost from president-elect Donald Trump’s win. An exchange-traded fund tracking the performance of financial sector stocks, the Financials Select Sector SPDR Fund xlf , rose 3.7% Thursday.
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