The financial sector rose Tuesday on reports of several deals, showing that there are still some strong players left in the banking sector, despite housing-related losses, accelerating credit costs and a decline in share prices across the industry.
The NYSE Financial Sector index recently gained 1.3% to 6,404.61 and the KBW Bank index rose 2.9% to 67.92. The Dow Jones Industrial Average increased 0.9% to 11,651.02, with financial stocks like Bank of America (BAC Quote), AIG (AIG Quote), American Express (AXP Quote) and JPMorgan Chase (JPM Quote) leading the charge, with gains of almost 2% or more.
Bank of America was recently up 4.3% at $32.48 after a Goldman Sachs analyst initiated coverage with a "Buy" rating, citing an outlook for stronger earnings and capital growth relative to its peers. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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