NEW YORK (
) -- Shares of regional banks were soaring Thursday, despite an overall market downturn, on news that President Barack Obama proposed rules that would limit the types of trading banks can conduct.
Fifth Third Bancorp
were among the stocks gaining ground Thursday afternoon.
Jim Cramer said during his "Stop Trading" segment on
that this is the "height of irony. They are surging for the sole reason that they don't have hedge funds, but they are the ones that screwed it up."
Cramer also mentioned
Freeport-McMoRan Copper & Gold
, which is tanking 7.3% to $77.42 in afternoon trading.
While the company swung to profit in its fourth-quarter
, it forecast lower copper and gold production for 2010.
Cramer said the possibility of an Australian mining tax was pressuring Freeport's stock.
Reported by Jeanine Poggi in New York.
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