Why Banco Santander SA (SAN) Soared On Tuesday?

We recently published a list of 10 Stocks That Led Tuesday’s Charge. In this article, we are going to take a look at where Banco Santander SA (NYSE:SAN) stands against other stocks that led Tuesday’s charge.

The stock market finished Tuesday’s trading in the red territory anew, erasing two consecutive days of gains, as investors repositioned their portfolios ahead of the Fed rate decision on Wednesday.

The Nasdaq registered the biggest drop among Wall Street’s main indices, declining 1.71 percent, followed by the S&P 500 with 1.07 percent, and the Dow Jones by 0.62 percent.

Despite the decline, ten companies showed off resilience during the session, finishing with modest gains. In this article, we have named the 10 top performers and detailed the reasons behind their gains.

To come up with the list, we only considered the stocks with a $2-billion market capitalization and $5 million in trading volume.

A view of a large corporate office building, illuminated at night to show its power and reach.

Banco Santander SA (NYSE:SAN)

Banco Santander grew its share prices by 3.78 percent on Tuesday to close at $7.14 apiece as investor sentiment was buoyed by the company’s new partnership with telecommunications giant Verizon Communications Inc. (NYSE:VZ).

SAN and VZ teamed up to introduce the Verizon + Openbank Savings account for VZ customers who want to take advantage of a 10x higher-yielding savings account while giving them the potential to save up to $180 on their Verizon bill annually.

The partnership was aimed at expanding the bank’s national scale and reach in line with its mission to become a leading bank in the US with a strong branch presence.

Meanwhile, VZ expects the partnership to enhance its financial services offering, providing benefits to its customer base.

The two firms promised to deliver a secure and seamless digital banking experience without fees. It would also offer minimum deposits and 24/7 access to funds.

Overall, SAN ranks 8th on our list of stocks that led Tuesday’s charge. While we acknowledge the potential of SAN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as SAN but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires

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