Updated from 1:22 p.m. EDT
Most financial stocks were locked in with the larger market's movements on Wednesday, climbing moderately higher before easing back to the flat-line before midday. Among the standout winners, however, was Citigroup (C Quote).
The New York-based banking behemoth saw an explosion in trading volume after ESL Investments -- a hedge fund run by Sears Holding chairman Eddie Lampert -- disclosed that it now holds a 15.2-million-share stake in Citi. Shares jumped $2.12, or 4%, to $54.91.
The surge helped hoist the KBW Bank Index -- of which Citi is the second most heavily weighted component -- high above the larger market. The tracker added 1.3% to 117.87 as its heaviest component, JPMorgan Chase (JPM Quote), also rose 1.8% to $52.98. The much larger NYSE Financial Sector Index, of which Citi and JPMorgan are also members, was up 0.5% to 9,877.58. ...
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