JPMorgan Chase extends gains for the 7th straight session as stocks recover post selloff

Banking giant JPMorgan Chase (NYSE:JPM) extended gains for the seventh straight session as stocks moved into a recovery mode following the Monday, August 5, selloff sparked by recession fears.

The stock closed Wednesday, August 14, 1.03% higher at $210.08.

JPM has added 6.54% of value in the course of the last six trading days.

A notable increase was seen on Tuesday, August 6, after an announcement that the company’s unit J.P. Morgan Payments has expanded an alliance with PopID. The joint pilot program involved in the alliance will allow shoppers to “pay by face” at some merchants across the U.S.

The stock gained 2.79% to close at $200.34.

The day also saw major U.S. stock averages finish in green after three consecutive losses spurred by U.S. recession worries and concerns the Federal Reserve hasn’t started cutting interest rates yet.

JPM has been on an upward trajectory since then.

The universal diversified bank gets a Buy rating from the Wall Street analysts as well as Seeking Alpha authors.

Meanwhile, the Quant Rating system grades the stock as Hold, with a score of 3.47 on a scale of 5. Quant gives JPM D+ for Valuation, B for Growth, F for Profitability, A- for Momentum and B for Revisions.