NEW YORK (
) -- Financial stocks rebounded on Monday, buoyed by the release of strong economic data.
October retail sales rose more than expected, according to data from the U.S. Commerce Department. The financial sector was also recovering after Friday's down day, following concerns that China would look to slow its economic growth. The
Financial Select Sector SPDR
rose 1.3% to $15.14 at last check.
Large banks including
were rising 2% and 2.8%, respectively.
Investment banks also rode the positive wave. Shares of
jumped 2.8% to $26.28.
shares rose 1.5% to $168.25.
Some of the largest credit card issuers released monthly credit card delinquency data on Monday. So far, delinquencies and charge offs seemed to have improved.
shares jumped 2.3% to $40.19 after it reported that charge offs fell significantly in the month of October.
, the card firm's net charge-offs fell to 7.26% from 8.38% percent in September. Capital One's net charge off rate was above 10% at the start of 2010.
On the other hand,
Bank of America
, the nation's largest bank and U.S. consumer-exposed company said charge offs inched higher to back above 10% last month, according to
Bank of America shares were rising 0.8% to $12.22 at last check.
Regional bank shares also rebounded. Shares of
Fifth Third Bancorp
rose 3% to $13.25,
was up 2.5% to $21.89, while
rose 2.3% to $38.13.
Separately U.S. Bank said Monday that it would acquire Bank of America's securitization trust administration business. Terms were not disclosed in the release.
"This transaction not only affirms U.S. Bank as a leader in the corporate trust industry, it strengthens its strong positions in collateralized debt obligations and commercial and residential mortgage-backed securitizations," said Terrance Dolan, vice chairman of Wealth Management and Securities Services at U.S. Bancorp.
U.S. Bank's corporate trust services unit will acquire approximately 2,153 active securitization and related transactions, more than 2.4 million residential mortgage files and 84,000 commercial files, and $1.1 trillion in assets under administration, the company said. Additionally, the transaction is expected to provide U.S. Bank with over $10 billion of deposits.
U.S. Bank provides trustee, calculation agent and custodial services for mortgage-backed, asset-backed and CDO securitizations. It also serves as trustee and paying agent for the issuance of taxable and non-taxable securities, among other things.
Companies among the financial losers of the day included
Marshall & Ilsley
Provident Financial Holdings
--Written by Laurie Kulikowski in New York.
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