Bank of America and other stock prices brought current in this update
NEW YORK (
Bank of America
was among several financial stocks soaring Monday on the European Commission's $1-trillion rescue plan.
and other financial stocks jumped after European leaders agreed to a $1 trillion package to rescue European nations plagued by debt. The rescue is part of the European Commission's plan to avoid a major debt crisis and to support the euro currency.
Under the three-year plan,
the European Commission
will make 60 billion euros ($75 billion) available while countries from the 16-nation eurozone would promise backing for 440 billion euros ($570 billion), the
reports. The International Monetary Fund would contribute an additional sum of at least half of the EU's total contribution, or 250 billion euros
Bank of America and other banks surged on the news, leading the broader market indices higher. Bank of America shares were up 5.8% to $17.12.
Among other U.S. financial stocks,
was higher by 6.5% to $1.47,
American International Group
was up 5.6% to $40.88,
gained 5.4% to $9.20,
climbed 5% to $4.20, and
shares advanced 4.9% to $32.34.
More on Citigroup
Bank Stock Buzz: Citigroup
Overseas banks were also rallying on the EU's rescue plan.
Allied Irish Banks
surged 15.8% to $3.51,
gained 14.4% to $19,
Bank of Ireland
was up 14.2% to $8.44,
National Bank of Greece
jumped 13.1% to $3.02, and
Lloyds Banking Group
climbed 12.2% to $3.59.
In other bank news, federal officials are conducting
improperly tried to depress silver prices, according to a report by
The New York Post
The Commodity Futures Trading Commission is looking into filing civil charges, while the Department of Justice's Antitrust Division is managing the criminal investigation, according to the report, published Sunday. Citing anonymous sources, the report described the probes as "far-ranging" and said officials were looking into JPMorgan's trading on exchanges in New York and London.
Despite the report, JPMorgan shares were climbing 2.6% to $41.80.
said in a quarterly filing with the
Securities and Exchange Commission
that the civil fraud charges brought against the firm "could result in collateral consequences to us that may materially adversely affect the manner in which we conduct our businesses, including, without limitation, an inability to act as a registered broker-dealer or provide certain advisory and other services to U.S. registered mutual funds."
In addition, Goldman said that regulators "could impose restrictions on the activities of our banking, commodities, investment advisory or other regulated businesses." Goldman shares retraced early gains and were down 0.4% to $142.48.
also traded higher even after the mortgage finance giant said it has a net worth deficit of $8.4 billion, and it has asked for more money from the Treasury to cover continued losses. This comes as
posted a first-quarter loss of $13.1 billion, or $2.29 a share. Shares were lately up 3.9% to $1.07
Among analyst actions, Stifel Nicolaus upgraded
to buy from hold with price targets of $34 and $85 respectively. Analyst Christopher Mutascio cited both companies' ability to earn "a substantial amount of money today, not a year or two from now."
U.S. Bancorp shares rose 4.3% to $26.23 and PNC Financial was up 4.2% to $66.81.
-- Written by Robert Holmes in Boston
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