Bank of America: Financial Winners & Losers

NEW YORK (TheStreet) -- An upbeat economic report helped lift financial stocks on Wednesday.

The Financial Select Sector Spider SPDR (XLF), an ETF with a broad allocation of financial stocks, closed up 3.89% for the day to $14.08. The more focused KBW Bank Index (BKX) ended trading Wednesday on the positive side to $45.25, up 4.14% over the previous day's close.

Earlier Wednesday the Institute for Supply Management revealed that its much-followed manufacturing index rose to 56.3% in August, up from 55% in July. That unexpected increase caused a broader rally among stocks, with the Dow Jones Industrial Average (DJIA) climbing 254.75 points, or 2.5%, to end the day at 10,269.47.

Shares of many large banks traded up for the day. Bank of America (BAC) rallied 6.08% to $13.21. Earlier in the day a a federal judge approved the creation of a $150 million fund for shareholders as part of a settlement with the Securities and Exchange Commission over the bank's 2009 acquisition of Merrill Lynch.

Wells Fargo(WFC) shares were up 4.71% to $24.66, while stock in Citigroup (C) were up 3.73%, to $3.84. JPMorgan Chase (JPM) saw its shares rise by 3.80%, to $37.74.

The biggest gainer for the day was Birmingham, Alabama-based Superior Bancorp (SUPR), which rose 13.33% to $1.19. The biggest decliner for the day was First Community Bank Corp. (FCFL), which dove 13.87% to $1.18.

-- Written by Christopher Westfall in New York.

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