Charles Schwab Stock Surges After Brokerage Reports Jump in Profit
Charles Schwab reported a 76% increase in quarterly profit after interest income rebounded and customers’ trading picked up. The brokerage giant last month upped its full-year revenue forecast, noting it benefited from increased investor activity on its platforms and a post-election rally in the stock market. The company also said it had crimped the loss of bank deposits that had weighed on its results since the Federal Reserve started raising interest rates.