Wells Fargo, Other Bank Stocks Rise as Market Pares Losses

Bank stocks were rising Tuesday morning, with the KBW bank index increasing 1.6%. The S&P 500 was down 0.1% after falling nearly 1.5% earlier in the day on trade policy concerns. Shares of Wells Fargo jumped 7.4% after the bank beat Wall Street earning estimates and executives set a new target for return on tangible common equity of 17% to 18%. CEO Charles Scharf said the company believes that it has both opportunity and room to grow its business. An asset cap imposed by the Federal Reserve was lifted in Ju ...