NEW YORK ( TheStreet) -- The nation's largest trust banks were the winners among large-cap financial firms on Monday.
Shares of State Street of Boston (STT - Get Report) rose 3% to close at $45.93, while Bank of New York Mellon (BK - Get Report) was up over 2% to close at $25.11, and Northern Trust (NTRS - Get Report) of Chicago saw its shares rise nearly 2%, to close at $48.61.
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Bianco said that following the election, "investor focus will almost immediately turn to legislation to resolve the fiscal cliff and the balance between tax hikes and spending cuts," and predicted that "legislation during the Nov-Dec Congress session that mostly preserves existing tax rates could put the S&P over 1500."The KBW Bank Index (I:BKX) was down slightly to close at 49.95, with 14 of the 24 index components showing declines. Jefferies analyst Ken Usdin stuck with his even tone for trust banks as a group on Monday, saying in a report that "one month into 4Q, proxies continue to suggest a mixed revenue picture, with positive equity
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