Financial Winners and Losers: Bank of America

Bank of America and financial stock were mixed Tuesday, as big names reacted to Capitol Hill testimony.
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Updated from 3:38 p.m. ET

Financial stocks were mixed Tuesday, as big names reacted to Capitol Hill testimony from

Federal Reserve

Chairman

Ben Bernanke

, Treasury Secretary Timothy Geithner and a report that the federal government is again readying a plan to buy up banks' distressed assets.

Geithner told the House Ways and Means Committee that he is "confident this is the right path for the country." Bernanke told the Senate Budget Committee that Obama's recently enacted $787 billion stimulus package of increased federal spending and tax cuts should help revive consumer spending, boost factory production and "mitigate the overall loss of employment and income that would otherwise occur."

Meanwhile,

The Wall Street Journal

reported the Obama administration was mulling new funds for a plan to buy banks'

distressed assets

.

Bank of America

(BAC) - Get Report

was trading in the black, before Standard & Poor's downgraded its long-term counterparty credit rating in the late afternoon. Despite having been up as much as 12% earlier, the stock more recently was up just two pennies at $3.65.

Citigroup

>

(C) - Get Report

shares were up 1.7% to $1.22.

Wells Fargo

(WFC) - Get Report

shares were down 1.6% to $10.67.

JPMorgan Chase

(JPM) - Get Report

was down 0.7% to $21.01.

Morgan Stanley

(MS) - Get Report

, after an up-and-down day, recently was up 1.3% to $18.18.

Goldman Sachs

(GS) - Get Report

was down most of the day, recently off 4.5% to $82.37.

This article was written by a staff member of TheStreet.com.