Updated from 1:31 p.m. EDT
Financial stocks climbed the backs of the major indices as the Federal Reserve pumped liquidity into the market and names like Blackstone (BX - Get Report) and CIT Group (CIT - Get Report) kept things humming along.
Blackstone closed up 1.7% to $25.71 after the newly public asset manager said its second-quarter income more than tripled to $774.4 million on sharply higher revenue. CIT, a New York-based lender, jumped on a CIBC World Markets upgrade to sector outperform. The analyst said, among other things, that most of the company's risks are already baked into its share price.
CIT shares were up $1.82, or 5.4%, to $35.86 in support of the NYSE Financial Sector Index, which added 0.6% to 8880.46. The KBW Bank Index closed down 1.1%.Fortress Investment Group (FIG - Get Report) ran up 7.7% ahead of tomorrow's earnings report. Knight Capital (NITE) traded up earlier in the day but closed down 2.1% after the New Jersey broker said Goldman Sachs (GS - Get Report) agreed to