Heard on the Street Recap: Holiday Cheer
The Nasdaq Composite rose 1.3%. Stocks of major banks including JPMorgan Chase, Bank of America and Citigroup all rose more than 1% after trade groups representing those banks and others sued the Federal Reserve on Tuesday, accusing it of using an opaque process during annual stress tests. The lawsuit said stress tests can result in "billions of dollars in unexpected capital burdens on individual banks with no evident reason."