Shares of major U.S. banks surged after Bank of America (BAC) and Citigroup (C) became the latest lenders to report better-than-expected first-quarter earnings on the back of a stock-trading boom. Bank of America shares were up 4.

Bank of America and Citigroup notched higher revenue and profit as their trading desks benefitted from a sharp rise in market volatility in the first quarter. Read more about the results here and follow our coverage below.

Citigroup and Bank of America have reported stronger-than-expected first-quarter results, lifting bank shares despite mounting economic uncertainty linked to new tariffs and policy risks. Bank of America shares rose 4.