Magazine article American Banker

Bank Stocks Are Buoyed by Decline in T-Bill Yield as Market Treads Water

Magazine article American Banker

Bank Stocks Are Buoyed by Decline in T-Bill Yield as Market Treads Water

Article excerpt

Bank stocks recovered Friday after the yield on the 30-year Treasury bond fell below 7%.

The banking sector was one of the few to stay above water, as concerns over corporate profits continued to drag down the equity markets. The Standard & Poor's 500 index inched up 0.08%, while the S&P bank index rose 0.59%.

The recent declines in the equity markets have brought new money into fixed income investments. Sectors, such as banking, that are viewed as interest rate sensitive were among the day's few strong performers.

Leading the bank gainers were CoreStates Financial Corp., which jumped 75 cents to $37.75; Fifth Third Bancorp., which jumped $2.25 to $52.75; and Citicorp, which jumped $1 to $77.25.

NorthFork Bancorp shares rose 3.77% to $27.50 after Keefe, Bruyette & Woods Inc. reiterated its buy rating on the stock.

Shares of Metropolitan Bancorp rose $3.56 to $16.93 after the company agreed to be bought by Washington Federal Inc. …

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