Rally in Financials Boosting Broader Markets (BAC, WFC, FAZ, more)

The three major indices have just turned positive after being sharply lower in futures trading. The Dow is currently up about 70 points, the Nasdaq is up 20 points and the S&P 500 is up nearly 11 points.

Financials are leading the way, bouncing as traders are speculating that new mark-to-market developments could be discussed at a government subcommittee meeting schedule for Thursday.

Around the sector:

• Bank of America (NYSE: BAC) up 13% to $3.55 after opening today's session up just 2.5%
  
• Wells Fargo (NYSE: WFC) now up 9.5% to $9.43 after opening up just 0.4%
  
• US Bancorp (NYSE: USB) up 13% to $9.98 after opening today's session lower
  
• JPMorgan (NYSE: JPM) up 5% to $16.74 after opening the session down about 5%

Meanwhile, shares of Goldman Sachs (NYSE: GS), Citigroup (NYSE: C) and Morgan Stanley (NYSE: MS) are also higher than at today's open, but have jumped less than the above financials.

On the ETF front, the Direxion Financial Bear 3x (NYSE: FAZ) is now down nearly 7% after opening today's trading up more than 6%. The Financial Bull 3x (NYSE: FAS), the inverse of the FAZ, is up about 8%.

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