Bank of America: Financial Winners and Losers
NEW YORK (
) -- Financial stocks were on the rebound Wednesday after selling off in the first two days of the week on an insider trading probe, violence on the Korean peninsula and continued anxiety over European sovereign debt. The
Financial Select Sector SPDR
(XLF)
, a popular exchange-traded fund that tracks financial stocks, was up 1.35% to $14.61 in early afternoon trading.
Bank of America
(BAC)
was one of the top performers among big bank stocks Wednesday after nearly setting a new 52-week low on Tuesday. Bank of America shares were up 1.76% to $11.29. The bank's shares have continued to struggle on fears related to its mortgage business. Over the weekend, a
Barron
's story listed Bank of America as having more exposure than any other bank to potential "put backs," from investors on mortgage backed securities it underwrote.
Citigroup
(C)
shares were faring even better on Wednesday, rising 1.83% to $4.18. The bank recently
in auction rate securities from the state of Hawaii. Several other banks have reached similar settlements with other big investors.
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Goldman Sachs
(GS)
, shares of which have lately been under pressure after the bank was named in an article in
The Wall Street Journal
disclosing an insider trading investigation, was also on the rebound Wednesday. Shares were up 1.30% to $159.83.
Morgan Stanley
(MS)
's stock, meanwhile, was up 1.50% to $25.03.
Among other big banks,
Wells Fargo
(WFC)
shares were up 0.71% to $26.99 and
JPMorgan Chase
(JPM)
rose 1.22% to $38.09.
--
Written by Dan Freed in New York
.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
