ZION - Why Zions Bancorp Stock Surged 42% in July
2023-08-07 13:10:05 ET
Zions Bancorporation (NASDAQ: ZION) rewarded investors in July as its stock price surged 42% higher in the month, according to S&P Global Market Intelligence . Zions Bancorp is still down about 22% year to date as of Aug. 7, trading at just over $38 per share.
The bank stock beat the markets in July as the S&P 500 was up 3.2%, the Dow Jones Industrial Average rose 3.4%, and the Nasdaq Composite climbed 4.1% last month.
Zions Bancorp moved higher in July on a combination of good macroeconomic news and solid second-quarter earnings. On the macroeconomic front, the reduction in the inflation rate in June to 3.1% -- the lowest since March 2021 -- buoyed most stocks, as did the release of the second-quarter gross domestic product (GDP), which was up 2.4%. Both of these numbers were better than expected, as many economists had predicted an economic slowdown or recession.
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Why Zions Bancorp Stock Surged 42% in July