Bank stocks are in need of a “recovery rally” to show that higher interest rates won’t necessarily doom the U.S. economy to a recession in 2024, according to DataTrek Research.
“U.S. bank stocks are the market’s Achilles’ heel just now,” said Nicholas Colas, co-founder of DataTrek, in a note emailed Thursday. “If the bears are right and ‘something is going to break’ because of suddenly higher interest rates, then that ‘something’ will almost certainly involve U.S. banks.”
Shares…
Read the full article here
