NEW YORK (
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.
, as investors reacted to the Justice Department's decision to oppose
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
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
, following Tuesday's
subsidiary acting as trustee for institutional investors and
Federal Deposit Insurance Corp.
Meanwhile, Bank of America confirmed that it planned to
, 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.
was up nearly 3%, to close at $22.29
Large banks seeing shares rise 2% included
, which closed at $25.59;
First Niagara Financial Group
, closing at $10.76;
, at $5.03; and
PNC Financial Services
, which closed at $50.14.
Wednesday's financial loser was
Bank of New York Mellon
, 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.
Written by Philip van Doorn in Jupiter, Fla.
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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 TheStreet.com 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.