Why Banco Bradesco (BBD) Stock is Up Today

Banco Bradesco (BBD) stock is rising as some U.S. traded Brazil-based stocks rally along with the country's markets.
By Amanda Schiavo ,

NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report are higher by 2.65% to $5.80 on Wednesday afternoon, as some U.S. traded Brazil-based stocks rally along with the country's markets.

The rise was spurred by speculation surrounding the possible appointment of a former head of Brazil's central bank to the position of finance minister, Reuters reports.

Banco Bradesco is a Sao Paulo-based commercial bank offering a range of banking and financial products and services in Brazil.

There is growing speculation that the former manager of Brazil's central bank, Henrique Meirelles could replace Joaquim Levey as finance minister in the next few months, Reuters reports.

The thinking is that Meirelles, who severed as chief of the central bank during the two terms of President Luiz Inacio Lula da Silva, will unlock some much needed austerity bills currently stuck in Congress, Reuters noted.  

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