Bank of America, Morgan Stanley: Financial Winners
NEW YORK (
) --
Bank of America
(BAC) - Get Bank of America Corp Report
and
Morgan Stanley
(MS) - Get Morgan Stanley (MS) 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
.
|
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
(I:BKX)
gained over 1%, closing at 49.71.
Large banks seeing shares rise 2% on Friday included
Citigroup
(C) - Get Citigroup Inc. Report
, which closed at $40.97;
Comerica
(CMA) - Get Comerica Incorporated Report
, closing at $35.91;
Capital One
(COF) - Get Capital One Financial Corporation Report
TheStreet Recommends
, at $54.04;
Fifth Third
(FITB) - Get Fifth Third Bancorp Report
, at $12.93;
Huntington Bancshares
(HBAN) - Get Huntington Bancshares Incorporated (HBAN) Report
, at $6.53;
KeyCorp
(KEY) - Get KeyCorp (KEY) Report
, at $8.45;
U.S. Bancorp
(USB) - Get U.S. Bancorp Report
, at $25.42;
Wells Fargo
(WFC) - Get Wells Fargo & Company Report
, at $28.14; and
Zions Bancorporation
(ZION) - Get Zions Bancorporation (ZION) 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.
