JPMorgan shares jumped by more than $9,300 after the U.S. Department of Commerce said it lowered its rating on the nation’s largest bank.
The bank’s stock price rose by about 8.6% after the agency said the credit downgrade was not related to any “significant risks.”JPMorgan shares rose by $8.1 in after-hours trading.
The downgrade is the latest blow to the bank, which has been in the midst of a massive restructuring as it tries to reinvent itself and reenter the American economy.
It has taken a $2.4 trillion writedown on the value of the bank’s debt.
The Federal Reserve has said it will likely raise interest rates in the coming months.JPMorgans shares have been among the biggest winners in recent weeks as Wall Street has cheered the company’s efforts to reinvent its financial operations and become more profitable.
But it has also been losing market share to its rival U.K.-based City National Bank, which also reported its first quarterly profit.