) -

Wells Fargo

(WFC) - Get Wells Fargo & Company Report


Morgan Stanley

(MS) - Get Morgan Stanley (MS) Report

were the winners among large U.S. financial names on Wednesday, with shares of both companies rising 3%.

Wells Fargo's shares closed at $26.10, while Morgan Stanley closed at $17.50.

SNL Financial reported that Morgan Stanley was rolling out a program for 600 of its advisers to use several social media sites, with the "most productive financial advisers" being the first to gain access, first by setting up



profiles, and then sending out messages through that site through other social media outlets, including Twitter.


broad indexes gave up earlier gains

, as investors reacted to the Justice Department's decision to oppose


(T) - Get AT&T Inc. Report

deal to acquire T-mobile, on the grounds that the reduced completion among wireless carriers would lead to higher consumer prices. AT&T's shares declined 4% to close at $28.48, while competitor

Sprint Nextel

(S) - Get SENTINELONE, INC. Report

saw its shares rise 6% to close at $3.76.

Turning back to the banks, the

KBW Bank Index


rose over 1% to close at 39.95, with 21 of the 24 index components rising for the session.

The flurry of headlines surrounding

Bank of America

(BAC) - Get Bank of America Corp Report

continued, with

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. (GS) Report

objecting to the $8.5 billion settlement of Countrywide mortgage repurchase demands

, following Tuesday's

mortgage putback lawsuit

by a

U.S. Bancorp

(USB) - Get U.S. Bancorp Report

subsidiary acting as trustee for institutional investors and

another objection to the Countrywide Settlement

by the

Federal Deposit Insurance Corp.

TheStreet Recommends

Meanwhile, Bank of America confirmed that it planned to

exit the correspondent mortgage lending business

, following the company's decision to stop purchasing mortgages originated by brokers.

Shares of the nation's largest bank holding company rose a nickel to close at $8.17.


(BBT) - Get BB&T Corporation Report

was up nearly 3%, to close at $22.29

Large banks seeing shares rise 2% included


(CMA) - Get Comerica Incorporated Report

, which closed at $25.59;

First Niagara Financial Group


, closing at $10.76;

Huntington Bancshares

(HBAN) - Get Huntington Bancshares Incorporated (HBAN) Report

, at $5.03; and

PNC Financial Services

(PNC) - Get PNC Financial Services Group, Inc. Report

, which closed at $50.14.

Wednesday's financial loser was

Bank of New York Mellon

(BK) - Get Bank of New York Mellon Corporation Report

, which was down 1% to close at 20.67. The company is the trustee for the Countrywide mortgage-backed securities pools covered by Bank of America's $8.5 billion mortgage putback settlement.


Bank of America's Customers Are Its Only Hope >

Goldman Objects to Bank of America Settlement >

JPMorgan Set to Return Capital: Analyst >

Bank of America Slashes Mortgage Business: Report >

Bank of America Heads Back to the Drawing Board >

U.S. Bank Sues Bank of America >

Capital One/ING Deal Delay Overdone: Analyst >

Bank of America Cuts China Bank Stake >

10 Bank Stock Picks for Bottom-Fishing Investors >

10 More Bank Stocks for Bottom-Fishing Investors >

5 Bank Stock Red Flags >


Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here:

Philip van Doorn


To follow the writer on Twitter, go to


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 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.