Grupo Financiero (GGAL) Ends Losses as US Govt Promises Help to Argentina

We recently published 10 Stocks Stealing Wall Street’s Spotlight. Grupo Financiero Galicia SA (NASDAQ:GGAL) is one of the top performers on Monday.

Grupo Financiero snapped a three-day losing streak on Monday, soaring 21.1 percent to end at $32.03 apiece as investors cheered the US government’s financial lifeline to Argentina to help recover from a severe economic turmoil.

Grupo Financiero Galicia SA (NASDAQ:GGAL) rallied higher alongside its US-listed Argentine peers and the overall Argentine markets, after the US Treasury said it was underway with a “large and forceful” intervention to support Argentina amid after suffering from severe market volatility.

Grupo Financiero (GGAL) Ends Losses as US Govt Promises Help to Argentina

Photo by Karolina Grabowska from Pexels

Part of the intervention was to purchase Argentina’s currency or sovereign debt through a fund controlled by the US Treasury.

“We’re sending a message that if you do the right thing, if you follow good policies, that if you’re aligned with the values of the United States…we are willing to provide assistance when things move out of equilibrium,” the US Treasury said.

A meeting between US President Donald Trump and Argentina’s leader, Javier Milei, is expected to occur on Tuesday to discuss other possible measures.

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Disclosure: None. This article is originally published at Insider Monkey.