Bank stocks were up Tuesday, with the KBW bank index rising 1.6%. The S&P 500 was down 0.1% due to trade policy concerns earlier in the day.

Wells Fargo shares surged 7.4% after beating Wall Street earnings estimates. CEO Charles Scharf set a new target for return on tangible common equity at 17-18%. The Federal Reserve lifted the asset cap imposed on the bank in June.

Citigroup’s stock rose 3.3% after beating Wall Street earnings estimates as well.

Read more at Barron’s: Wells Fargo, Other Bank Stocks Rise as Market Pares Losses