NEW YORK, NY / ACCESSWIRE / February 14, 2017 / Financial stocks spiked Friday after Federal Reserve Governor Daniel Tarullo announced his retirement, well short of the end of his term in 2022. The Financial Select Sector SPDR Fund jumped by as much as 0.63 percent following the announced before settling to close at 23.78 on Friday, up 0.30 percent. The fund jumped an additional 1.14 percent on Monday to close at 24.05. Governor Daniel Tarullo was the Federal Reserve's top regulator of Wall Street Banks who led the charge following the 2008 financial crisis.

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"Tarullo is a bank regulator and the perception in the marketplace, rightly or wrongly, is that he is for tighter regulatory oversight and lower margins in the banking business," said Neil Dutta, head of U.S. economics at Renaissance Macro Research ."Someone with more lax attitudes on regulation is likely to come out of this. Buy banks -- the dog is running without its leash on." Mr. Dutta stated to "Buy banks" in a note to client sent out just four minutes after Tarullo's retirement announcement, according to Bloomberg.

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Goldman Sachs Group's shares gained 1.46 percent to close at $246.27 a share on Monday. The stock traded between $244.49 and $247.48 on volume 3.0 million shares traded. The company reported earnings of $2.35 billion, or $5.08 a share, compared to earnings of $1.27 a share in same quarter a year ago when Goldman Sachs trimmed earnings by about $1.5 billion due to a mortgage-bond settlement. Revenues totaled $8.17 billion for the fourth quarter of 2016, an increase of 12 percent year-over-year. Analyst expectations had called for earnings of $4.82 a share on revenues of $7.72 billion in the fourth quarter, according to The Wall Street Journal.

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JPMorgan's shares gained 1.32 percent to close at $88.15 a share on Monday. The stock traded between $87.43 and $88.74 on volume of 18.74 million shares traded. The company reported earnings of $6.73 billion, or $1.71 per share on revenue of $24.3 billion, for the fourth quarter of 2016, compared to a profit of $5.43 billion, or $1.32 a share, in the fourth quarter of 2015. Analyst's expectations had called for a profit of $1.44 a share, according to analysts' polled by Thomson Reuters. JPMorgan's earning were a driven by a 24 percent boost in trading revenues and improvement in loan quality. Trading revenues totaled a record $4.52 billion in the quarter, compared to $3.64 billion a year ago. The company provisioned $864 million for credit losses, against $1.25 billion provisioned in same quarter prior year.

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Today's Features Includes:

Goldman Sachs Group Inc. (NYSE: GS)

JPMorgan Chase & Co. (NYSE: JPM)

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