Bank stocks have had a rough year. Lately they’re showing signs of life.
Since the end of June, five of the six largest U.S. banks have outperformed the S&P 500’s 13% gain. Shares of Morgan Stanley and Goldman Sachs Group Inc. are up 20% and 19%, respectively. Wells Fargo & Co. is up 18%, while Citigroup Inc. and Bank of America Corp. each have gained about 17%.