Bank of America, JPMorgan Chase and Wells Fargo shares shrug off Moody’s outlook cut to negative from stable

Moody’s Investors Service cut its rating outlook to negative from stable on Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co., but the stocks rallied Tuesday on the heels of tame inflation data.

Meanwhile, bond prices of banks also climbed dramatically as yields fell, in another bullish move for the sector (see chart below).

Moody’s…