Financials Completely Reverse as Details of CAP Released (BAC, C, WFC, JPM)

Financial stocks are skyrocketing in late afternoon trading as details of the Treasury's Capital Assistance Program were just released at about 2pm ET. While many of the points discussed in the official release have already been out there, this is just what the Street has been looking for: details.

Shares of banking stocks have completely reversed from this morning's open. For example, Bank of America (NYSE: BAC) was down as much as 12%, and the stock is now up about 12%. BofA most recently traded at $5.24.

Elsewhere in the financial sector:

• Citigroup (NYSE: C) up 5% to $2.73 after being down as much as 17%
  
• Wells Fargo (NYSE: WFC) up 4.2% to $13.57
  
• JPMorgan (NYSE: JPM) up 4% to $21.87

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