Updated with market close information.
NEW YORK (
ended up the winner after a wild last few minutes of trading on Thursday, with shares rising 8% to close at $6.23.
The broad indexes pulled bank from earlier gains, although the Dow Jones Industrial Average was up over 1%, after the German parliament approved a proposal to expand the European Financial Stability Facility, which eased investors' worries over coming write-downs of lenders' holdings of Greek bonds. Also helping the market was a Labor Department report that the number of people filing for unemployment benefits for the first time declined to 391,000 for the week ended Sept. 24, surprising economists who expected 420,000 in new jobless claims, according to Briefing.com.
KBW Bank Index
rose over 3% to close at 36.73, with all 24 index components showing significant gains for the session.
rose 7% to close at $15.09.
was up 6% to close at 23.95.
New York Community Bancorp
rose 5% to close at $12.35. Based on a quarterly payout of 25 cents, the shares have a dividend yield of 8.10%.
Large banks seeing 4% gains included
, closing at $22.08;
, closing at $26.90;
Fifth Third Bancorp
, at $10.46;
, at $3.56;
, at $18.71; and
, which closed at $24.20.
Bank of America
was up 3% to close at $6.35, after the company confirmed plans to institute a
, early next year.
was also up 3%, closing at $31.39.
Written by Philip van Doorn in Jupiter, Fla.
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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.