The share price of property insurance group Standard Life Group rose 2.9 per cent on Wednesday after the company’s shares were boosted on the news that President Barack Obama will be inaugurated next week.
The company, which has around 5,500 registered insurers in the US, had seen its share price fall by more than 20 per cent in 2017, as its premium costs have increased for some customers.
Standard Life’s share price is up almost 100 per cent from its peak of $4.16 on April 15, 2018.
It is the second-highest in the market after American Express.
Shares of American Express (AXP.
N) jumped 13 per cent to $25.25 after the firm said its annual profit would be more than $2 billion.
The shares of the US financial services firm Fidelity rose 1.9 percent to $28.35 after the group said it expects to generate $3.5 billion in revenue in the next quarter, up from the previous expectation of $3 billion.
The firm has about 30 million clients in more than 200 countries.
Banking giant JP Morgan Chase (JPM.
N), which is one of Standard Life’s main competitors, also rose 3.6 per cent.
Its share price was up more than 13 per, as the firm forecast profits of $1.5bn, up 2.6 percent.
Goldman Sachs (GS.
The bank’s shares rose more than 5 per cent, on track for their best three days in over a year.
Goldmans, which owns the US savings bank Regions Group, also gained 3.2 per cent after it said its second-quarter profit would rise by more in 2017.
The stock of US hedge fund Cerberus Capital Management (CME Group) rose 3 per cent and the value of its debt increased 2.4 per cent as the hedge fund continued to raise money from its investment arm.
The fund also increased its debt by more at $2.5 trillion.
Bond yields for U.S. government bonds rose to their highest level since September.
Ahead of the inauguration, the stock of Citigroup (C.
N)(NYSE:C) rose 1 per cent amid reports the bank would be buying some of its stake in the tech giant Twitter.
Twitter has been struggling to survive in the face of a populist backlash from President Donald Trump. Reuters