© Reuters. Bank stocks rally, wiping out most of December's slump
- Bank stocks rally after Goldman Sachs ( +8.2%) and Bank of America ( +7.3%) turn in better-than-expected earnings and wiping out most of their December decline.
- Financial Select Sector SPDR ETF (NYSEARCA:) rises 2.5% in early afternoon trading and touches its highest point in more than a month. The last time it reached $25.51 was Dec. 7.
- The SPDR S&P Bank ETF (NYSEARCA:), mostly regional banks, advances 2.4%.
- All the big banks gain: Morgan Stanley (NYSE:), which reports Q4 results Thursday, rises 4.6%; Wells Fargo ( +3.2%), JPMorgan Chase ( +1.5%), Citigroup ( +1.7%).
- Among regional banks, Comerica ( +4.8%) jumps on an earnings beat; with Bank OZK ( +3.4%), Huntington Bancshares ( +2.8%), and KeyCorp ( +2.9%) advancing strongly.
- PNC Financial ( +0.2%) slips on weaker-than-expected Q4 results.
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- Now read: Comerica Inc . 2018 Q4 - Results - Earnings Call Slides