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Bank Stocks Already Had a Wild 2020. Then November Got Even Crazier.

In just four trading days this month, bank stocks went from one of their worst sessions ever to one of their best

11/22/2020 3:00:00 PM

In just four trading days this month, bank stocks went from one of their worst sessions ever to one of their best

In just four trading days this month, bank stocks went from having one of their worst sessions ever to logging one of their best as the election and coronavirus news buffeted the sector.

Nov. 22, 2020 5:30 am ETOn the first Friday night in November, bank investor Ben Mackovak sat outside his Cleveland home smoking a cigar, contemplating the ruin in his portfolio.It had been a brutal year and he’d just taken another beating. The day after the U.S. election, the Nasdaq Bank Index he uses as a benchmark suffered its worst underperformance against the S&P 500 since 1987. Mr. Mackovak no longer saw a path to the higher interest rates that banks need to make more money in the coming years.

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