Bank of America, Morgan Stanley: Financial Winners
NEW YORK (
) --
Bank of America
(BAC) - Get Free Report
and
Morgan Stanley
(MS) - Get Free Report
were the winners among the largest U.S. banks Friday, with shares of both companies rising over 2%.
Bank of America closed at $11.69 and Morgan Stanley closed at $24.07. On Thursday, a New York State Supreme Court judge denied a motion by Morgan Stanley to dismiss a mortgage putback lawsuit filed by
MBIA
(MBI) - Get Free Report
.
|
The broad indexes rose, with
strength in commodity stocks.
Investors shrugged off more bad economic news, as the National Association of Realtors said
pending home sales declined 11.6% in April
, after increasing 5.1% in March.
The Commerce Department said
in April, meeting expectations, after similar growth in March.
The
KBW Bank Index
undefined
gained over 1%, closing at 49.71.
Large banks seeing shares rise 2% on Friday included
Citigroup
(C) - Get Free Report
, which closed at $40.97;
Comerica
(CMA) - Get Free Report
, closing at $35.91;
Capital One
(COF) - Get Free Report
, at $54.04;
Fifth Third
(FITB) - Get Free Report
, at $12.93;
Huntington Bancshares
(HBAN) - Get Free Report
, at $6.53;
KeyCorp
(KEY) - Get Free Report
, at $8.45;
U.S. Bancorp
(USB) - Get Free Report
, at $25.42;
Wells Fargo
(WFC) - Get Free Report
, at $28.14; and
Zions Bancorporation
(ZION) - Get Free Report
, which closed at $23.71.
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--
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.
