Bank of America: Financial Winners & Losers

Bank of America and other financial stocks rose on the European Commission's $1 trillion rescue plan.
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(

Bank of America and other stock prices brought current in this update

)

NEW YORK (

TheStreet

) --

Bank of America

(BAC) - Get Report

was among several financial stocks soaring Monday on the European Commission's $1-trillion rescue plan.

Bank of America

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

AP

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,

Ambac Financial

(ABK)

was higher by 6.5% to $1.47,

American International Group

(AIG) - Get Report

was up 5.6% to $40.88,

MBIA

(MBI) - Get Report

gained 5.4% to $9.20,

Citigroup

(C) - Get Report

climbed 5% to $4.20, and

Wells Fargo

(WFC) - Get Report

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

(AIB)

surged 15.8% to $3.51,

Barclays

(BCS) - Get Report

gained 14.4% to $19,

Bank of Ireland

(IRE)

was up 14.2% to $8.44,

National Bank of Greece

(NBG)

jumped 13.1% to $3.02, and

Lloyds Banking Group

(LYG) - Get Report

climbed 12.2% to $3.59.

In other bank news, federal officials are conducting

criminal and civil investigations

into whether

JPMorgan Chase

(JPM) - Get Report

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.

Elsewhere,

Goldman Sachs

(GS) - Get Report

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.

Fannie Mae

(FNM)

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

Fannie Mae

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

U.S. Bancorp

(USB) - Get Report

and

PNC Financial

(PNC) - Get Report

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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