Stocks: Bank Stocks Hold Steady after Greenspan's Testimony
Talley, Karen, American Banker
Investors in bank stocks mostly stood pat Tuesday after Federal Reserve Chairman Alan Greenspan's testimony to Congress on the economy and financial reform.
Analysts said most of the action in bank stocks had occurred in a broad rally Monday in advance of the remarks. Mr. Greenspan said little to surprise investors, hinting that no action on interest rates is likely and signaling that the Fed is unlikely to change its opposition to broader powers for holding company subsidiaries. (See reports on pages 1 and 30.)
"Yesterday there was some optimism about Greenspan being able to comfort investors," said Kevin Timmons, banking analyst at First Albany Corp. "While he …
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Publication information: Article title: Stocks: Bank Stocks Hold Steady after Greenspan's Testimony. Contributors: Talley, Karen - Author. Magazine title: American Banker. Volume: 164. Issue: 36 Publication date: February 24, 1999. Page number: 32. © 2009 SourceMedia, Inc. COPYRIGHT 1999 Gale Group.
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