Wells Fargo, Goldman Sachs, and Citigroup Are All Soaring. Here's Why.

The stock market was having a strong day on Wednesday, with the S&P 500 (^GSPC 1.34%) and Nasdaq Composite (^IXIC 1.80%) higher by 1.6% and 1.9% as of 10 a.m. ET. But the big bank stocks are leading the way, with several major U.S. financial institutions spiking higher. In fact, Wells Fargo (WFC 6.17%), Goldman Sachs (GS 4.95%), and Citigroup (C 6.49%) were all higher by 5% or more for the day.There are two main reasons why these bank stocks are soaring. Bank earnings are far better than expectedFirst, bank ...