.September 16, 2024 at 2:55 PM

Charles Schwab (NYSE:SCHW) stock rose over 2% after releasing its August 2024 Monthly Activity Report, showing a year-over-year surge in net new assets. The report revealed $32.8 billion in core net new assets for August, a significant increase from last year’s $4.9 billion. Total client assets reached $9.74 trillion, up 20% from August 2023. 324,000 new brokerage accounts were opened, a 4% increase year-over-year. Transactional sweep cash fell to $366.8 billion, down 70% from August 2023. Schwab expects third-quarter revenue growth of 2% to 3% and an adjusted pre-tax profit margin of at least 40%.