Anointed Financials Surge After Citi News (C, JPM, BAC, MER, WFC, GS, BK, STT)
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The 'anointed financials', the original nine under the Treasury's Capital Purchase plan, are surging today following the Citi (NYSE: C) rescue. The action in these stocks today suggests that traders believe that the Fed will rescue any of these banks without major shareholder consequences.
The anointed ones:
Citigroup (NYSE: C) +58%
JP Morgan (NYSE: JPM) +13%
Bank of America (NYSE: BAC) (buying Merrill Lynch (NYSE: MER)) +21%, +27.6%
Wells Fargo (NYSE: WFC) +14%
Goldman Sachs (NYSE: GS) +26%
Morgan Stanley (NYSE: MS) +32%
Bank of New York Mellon (NYSE: BK) +12%
State Street Corporation, (NYSE: STT) +11%
The anointed ones are up on an average of 24% today, while the broader Financial Select Sector SPDR (NYSE: XLF) is up 12.5%.
Related Categories
Insiders' BlogTrader Talk
Stocks Mentioned
+0.52Related Entities
- JPMorgan
- Goldman Sachs
- Citi
- Morgan Stanley
- Merrill Lynch
- Banc of America
- Treasury Capital Purchase Program
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