Wells Fargo  (WFC) – Get Report shares were climbing Tuesday after the banking giant was boosted by a double upgrade to outperform from Raymond James and President-elect Joe Biden’s reported nominee for Treasury secretary, Janet Yellen.

Shares of the San Francisco-based financial services company were up 7.11% to $28.17.

Other banking stocks, such as Bank of America  (BAC) – Get Report. JPMorgan Chase  (JPM) – Get Report and Citigroup  (C) – Get Report also were advancing.

If confirmed by the Senate, Yellen, a former Federal Reserve chair, would be the first woman to hold the position. 

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