Anointed Financials Surge After Citi News (C, JPM, BAC, MER, WFC, GS, BK, STT)

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%.

You May Also Be Interested In

• Tesla readies August launch of CyberCab - The Information
• BofA's Hartnett explains why Wall Street is trading with 'no fear'
• Citi cuts EyePoint price target to $17 from $35, keeps Buy, stock down 67%