Bank Stocks Jump After Jobs Data

Banks stock jumped in premarket trade Friday, after the release of better-than-expected July jobs data. The SPDR Financial Select Sector ETF climbed 0.6% ahead of the open, after being unchanged just prior to the jobs data. Shares of Bank of America Corp. rallied 1% ahead of the open, after being up just 0.3% before the data, while the data helped push J.P. Morgan Chase & Co.'s stock up 0.8% from up 0.2%. Elsewhere, shares of Citigroup Inc. went to up 0.9% from up less than 0.1%, Goldman Sachs Group Inc.'s stock was up 0.7% after a pre-data gain of 0.1% and Well Fargo & Co. share went to a 0.8% gain from a 0.1% rise. The economy added 209,000 nonfarm jobs in July, beating expectations of 175,000.