Financial Winners and Losers: BofA

Updated from 1:33 p.m. EDT

Most bank stocks finished higher Thursday on yet another bullish research note that said financial stocks could lead the way out of the global slump.

Anthony Bolton, the U.K.-based president of investments at Fidelity International, said that the recent gain in equities was a bull market move and not a bear market rally. Bolton said that he favors financials and that the sector, along with technology and consumer cyclical names, could spur a recovery.

Bolton's comments come a day after Fox-Pitt Kelton analysts upped the firm's rating on the banking industry to marketweight from underweight, the first time the firm has raised its rating on U.S. banks since 2004.

HSBC Holdings (HBC Quote) added 3.9% to close at $35.60, shares of Bank of America (BAC Quote) increased 2.9% to $8.93, Morgan Stanley (MS Quote) was higher by 2.5% to $23.64, and Wells Fargo (WFC Quote) shares climbed 0.2% to $20.01.

However, not all banks closed higher. Citigroup (C Quote) shares shed 2.2% and JPMorgan Chase (JPM Quote) fell 4.3%.

Speaking of Bank of America, news surfaced late Wednesday that CEO Ken Lewis was stripped of his chairman title, losing by a narrow margin in the shareholder vote. Director Walter Massey was chosen to replace Lewis as chairman, though Lewis will maintain his positions as president and CEO, the company said.

American Express (AXP Quote) shares finished higher even after Standard & Poor's Ratings cut its ratings on the credit card issuer by two notches to BBB+ from A.

S&P cited expectations for continued credit deterioration and concerns over the company's reliance on retail deposits as its main source of funding. Still, American Express rose 1.1% to $25.22.