Big Bank Comeback: Financial Winners

NEW YORK ( TheStreet) -- Large U.S. banks saw very strong gains on Thursday, with shares of Regions Financial ( RF) rising 10% to close at $3.66 and Bank of America ( BAC) right behind, with shares up 9% to close at $6.28.

The broad indexes had a solid day after strong results in Europe, after the announcement by Jean-Claude Trichet -- the outgoing head of the European Central Bank -- that the ECB would resume its bond buying program and extend loans to banks to ensure their liquidity. The Wall Street Journal also reported that European Commission President Jose Manuel Barroso said the commission was asking member nations to undergo coordinated recapitalization of regional banks.

The KBW Bank Index ( I:BKX) rose 5% to close at 37.16, with all 24 index components up for the session.

Shares of KeyCorp ( KEY) rose 8% to close at $6.55, after RBC Capital Markets analyst Gerard Cassidy included the company among his favorite financial names heading into third-quarter earnings season. The company was also included among TheStreet's 10 Regional Bank Stocks to Watch for Third-Quarter Earnings.

Zions Bancorporation ( ZION) was up 7% to close at $15.83.

Large banks seeing shares rise 6% on Thursday included Huntington Bancshares ( HBAN), which closed at $5.25, and SunTrust ( STI), closing at $19.13.

Big banks seeing 5% gains included Morgan Stanley ( MS), which closed at $15.18; Citigroup ( C), at $26.02; Comerica ( CMA), at $24.93; and JPMorgan Chase ( JPM), closing at $32.38.

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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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