Magazine article American Banker

Excitement about Reform Bill Buoys Banks

Magazine article American Banker

Excitement about Reform Bill Buoys Banks

Article excerpt

Bank stocks rose Tuesday, outpacing broader markets on continued satisfaction over the financial reform accord.

"We're continuing the momentum we saw last week when financial legislation was agreed upon," said Erika Hill, a banking analyst at Pacific Crest Securities in Portland, Ore.

The bank group was also helped by strength in the bond market, as yields headed moderately lower, said Andrew Collins, a banking analyst at ING Barings LLC in New York.

The American Banker index of the 50 largest U.S. banks rose 0.41%, and the American Banker 225 added 1.15%. The Dow Jones industrial average was down 0.63%, and the S&P 500 0.47%.

Still, analysts said there were potentially dampening forces in the offing.

There is risk as the Nov. 16 meeting of the Federal Open Market Committee nears, Ms. Hill said. If the policymaking Federal Reserve panel raises interest rates, banks and thrifts "could get knocked down," she added. …

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