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Banks Rally as Fed to Start QE-Taper (XLF) (BAC) (C) (JPM)

December 18, 2013 3:31 PM EST
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Price: $37.92 +0.29%

Rating Summary:
    19 Buy, 21 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Bank stocks, represented broadly by the Financial Select Sector SPDR (XLF) (+2.2%), are rising following the Fed's decision to begin the QE-taper.

"Higher long rates are beneficial for banking sector overall (large-, regional, and trusts) in terms of better underlying econ activity, re-investment opportunity, and positive correlation now in terms of bank stocks and the market…," Evercore Partner's bank analyst Andrew Marquardt reminds investors.

His top picks for banks include: Bank of America (NYSE: BAC), Citigroup (NYSE: C), JPMorgan (NYSE: JPM), KeyBanc (NYSE: KEY), BB&T (NYSE: BBT) and BancorpSouth (NYSE: BXS). Top pans include: Commerce Bancshares (NASDAQ: CBSH), US Bancorp (NYSE: USB), TCF Bank (NYSE: TCB), Hancock Holding (NASDAQ: HBHC) and People's United Financial Inc. (NASDAQ: PBCT).

For Trusts, he likes The Bank of New York Mellon (NYSE: BK) and State Street (NYSE: STT) and pans Northern Trust (NASDAQ: NTRS)


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