NEW YORK (
Bank of America
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
The broad indexes rose, with
strength in commodity stocks.
Investors shrugged off more bad economic news, as the National Association of Realtors said
, after increasing 5.1% in March.
The Commerce Department said
in April, meeting expectations, after similar growth in March.
KBW Bank Index
gained over 1%, closing at 49.71.
Large banks seeing shares rise 2% on Friday included
, which closed at $40.97;
, closing at $35.91;
, at $54.04;
, at $12.93;
, at $6.53;
, at $8.45;
, at $25.42;
, at $28.14; and
, which closed at $23.71.
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.