President Donald Trump said Monday he is "looking at" breaking up some of the nation's biggest banks, returning to a campaign promise that he'd since seemed to have put on the back burner.
Major averages slipped as the news broke, then rebounded, while government bond yields hit their highs of the day, CNBC reported.
Bank stocks rallied, with investors taking a win-win view: Breaking up the big banks would open business opportunities for smaller institutions, while the large Wall Street firms would be worth more as separate entities than they are combined.
U.S. & World
"The theory has always been the sum of the parts is worth considerably more than the whole," said analyst Dick Bove, vice president for equity research at Rafferty Capital Markets.