Updated from 1:13 p.m. ET
Financial stocks experienced mixed and wild trading Thursday, as uncertainty about the government's handling of the bailout package rattled the sector.
The KBW Bank Index gained 1.8% to 27.13, and the
Financial Select Sector SPDR
ETF was edging up 1.6% at $9.11.
The relatively modest moves in the sector indices belied broader moves among the space's big names, nearly all of which are participants in the Treasury Department's Troubled Asset Relief Program, which has provided cash injections to firms in exchange for preferred equity stakes. The
on Wednesday announced it would attach pay caps for executives to the deployment of additional capital, a sign that additional bailouts will not come as easily under the new president.
Bank of America
were up 3% to $4.84. Earlier in the session, the stock reached an intraday low of $3.77.
made headlines earlier this week on reports that senior executives were departing the firm for
. Skepticism about the bank's viability persists following its merger with
and the government's deployment of billions in additional bailout aid.
lost 6.8% to $16.27, after earlier sinking nearly 16%. It has received $25 billion in government funds and last year acquired the troubled
was up fractionally to $3.53. The company on Thursday agreed to sell servicing rights on part of its loan portfolio to Wilbur Ross for $1.5 billion.
Several large bank holding companies were holding up despite the financial malaise.
was gaining 2.1% to $24.54.
Former investment banks turned bank holding companies were also faring well.
was up 5.6% to $92.85.
was gaining 5.4% to $23.19. Reports indicated earlier this week that
is interested in paying back its $10 billion in government money.