Bank Stock Blowout: Financial Winners

Updated with market-close information.

NEW YORK ( TheStreet) -- Regions Financial ( RF) was the winner among large U.S. banks on a very strong Wednesday for the financial sector, with shares soaring over 12% to close at $4.37.

The Birmingham, Ala., lender, has seen extraordinary volatility on an almost daily basis. Regions stands as the largest publicly traded U.S. holding company still owing federal bailout funds received through the Troubled Assets Relief Program, or TARP. The U.S. Treasury holds $3.5 billion in Regions preferred shares.

The broad indexes bounced back, from Tuesday's declines, as investor optimism increased following European stock gains and speculation that President Obama would include a proposal for a $300 billion jobs plan in his address to a joint session of Congress on Thursday. There haven't been any rumors on whether the President will include a broad proposal to settle the mortgage mess during his speech, in light of the Federal Housing Finance Agency's bombshell lawsuits against mortgage lenders, which were announced Friday.

The KBW Bank Index ( I:BKX) rose 6% to 38.52, with all 24 index components seeing early increases.

Large banking names seeing shares rise 9% on Wednesday included Huntington Bancshares ( HBAN), which closed at $4.97, and KeyCorp, which closed at $6.64.

Shares of Bank of America ( BAC), rose 7%, after the nation's largest bank announced the firings of two key executives after Tuesday's market close, as part of CEO Brian Moynihan's efforts to streamline the company's management structure and cut costs.

Other large financials seeing shares rise 7% included Fifth Third Bancorp ( FITB), closing at $10.45; Morgan Stanley ( MS), at $16.33; PNC Financial Services ( PNC), at $49.08; SunTrust ( STI), at $19.66; and U.S. Bancorp ( USB), which closed at $22.69.

Major financial players seeing shares rise 6% included BB&T ( BBT), closing at $22.24; Bank of New York Mellon ( BK), at $20.72; Capital One ( COF), $44.05; First Niagara Financial Group ( FNFG), at $10.59; M&T Bank ( MTB), at $75.59; and Zions Bancorporation ( ZION), which closed at $16.92.

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-- 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 http://twitter.com/PhilipvanDoorn.

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.

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