Thursday, December 2, 2010

Bank of America (NYSE:BAC), Citigroup (NYSE:C), JPMorgan (NYSE:JPM), Wells (NYSE:WFC) Up on Goldman (NYSE:GS) Input

A research note from Goldman Sachs (NYSE:GS) has helped push up shares of bankers today, with Bank of America (NYSE:BAC), Citigroup (NYSE:C), JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) all trading up today, as well as Goldman.

Smaller banks like Marshall & Ilsley Corp., (NYSE:MI), Regions Financial Corp (NYSE:RF) and SunTrust Banks (NYSE:STI) all moved up higher as well, and significantly more as measured by percentages.

Goldman said they see the banks in the U.S. on much surer ground because of higher equity prices and a low interest rate environment. Also cited was a slightly improving economy.

Even so, it's hard to believe the banking sector in general will calm down any time soon, and it's highly likely to continue to be volatile going forward.

Citigroup was trading at $4.41, gaining $0.11, or 2.67 percent at 12:49 PM EST. Bank of America was at $11.61, up by $0.32, or 2.83 percent. Goldman is surging to $161.84, rising by $3.39, or 2.14 percent. JPMorgan was at $39.22, increasing $1.07, or 2.80 percent. Wells was up to $28.60, gaining $1.07, or 3.89 percent.

For the smaller banks, Marshall & Ilsley was trading at $5.29, up by $0.41, or 8.40 percent at 12:48 PM EST. Regions Financial was at $5.93, rising by $0.26, or 4.50 percent. SunTrust Banks rose to $25.10, increasing $1.10, or 4.58 percent.

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