NEW YORK (
) -- The markets were up Wednesday on
chairman Ben Bernanke's testimony before Congress.
Melissa Lee, the moderator of
's "Fast Money Halftime Report" said that bank shares are rallying on Bernanke's comments that rates will remain ultra-low for several months.
Gary Kaminsky said the U.S. banks look good now because they are conservatively run, have a government backstop and have the yield curve working in their favor.
For a breakout of some stocks from a recent "Fast Money" TV show,check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
3 Stocks I Saw onTV
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Lee noted that the
SPDR KBW Regional Banking
is approaching a new 52-week high and wondered whether there is still time to buy these stocks.
Brian Kelly said definitely, adding he especially liked
. He said these banks are going to get government support and have good core business and capital.
Tim Seymour said the rise in bank stocks is more about loan provisions coming down. He said he liked the European banks, especially
for its valuation, "top-line EPS," and market-share gains.
Kaminsky said the markets are looking favorably at banks because they are looking out six months at their ability to absorb higher interest rates and their position to compete globally.
Lee noted that Citigroup shares were moving higher today on a
Wall Street Journal
story that it is in talks to sell its fund-to-fund business to Skybridge Capital.
Anthony Scaramucci, managing partner of Skybridge Capital, said he could not comment on the story. However, he said his company has been moving aggressively to broaden its investment platform. He said his company wants to become one of the "leading alternative investment strategy thinkers and investment managers."
He said there is a major push underway in 2010 for hedge fund incubation, adding Skybridge will be an aggressive player as banks sell assets.
-- Written by David Tong in San Francisco
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