NEW YORK (MarketWatch) — U.S. financial stocks rallied almost 4% in early Monday trade as investors cheered early strong consumer spending for the holiday season and reports that politicians are close to a decision on how to support the European economy.
Genworth Financial Inc. GNW
+12.20%
shares jumped more than 11% and along with Citigroup Inc.’s C
+6.84%
almost 8% advance, led all gainers, trailed closely by Morgan Stanley MS
+7.39% which rallied more than 7%.
Shares of Bank of America BAC
+4.28%
J.P. Morgan Chase & Co. JPM
+4.85% ,
and Regions Financial RF
+3.77% all
rose at least 5%.
The Financial Select Sector SPDR ETF XLF
+3.58% which tracks the financial
stocks in the S&P 500, added 3.9%.
But strategists warned that the rebounds were overdue from a technical perspective and may not point the way to a sustained bounce.
The S&P 500 Index on Friday fell for a seventh session. Read U.S. stock market report on MarketWatch
In Europe, officials reportedly have agreed on how to leverage a key rescue fund, while Germany and France are looking at how to deepen fiscal integration in the euro zone.
Finance ministers from the euro zone were slated to meet Tuesday and were expected to agree to rules for borrowing against the European Financial Stability Facility (EFSF), as well as guidelines for intervening in the euro-zone bond markets and providing credit lines to governments, according to a Reuters report Sunday.
marketwatch.com
Genworth Financial Inc. GNW
+12.20%
shares jumped more than 11% and along with Citigroup Inc.’s C
+6.84%
almost 8% advance, led all gainers, trailed closely by Morgan Stanley MS
+7.39% which rallied more than 7%.
Shares of Bank of America BAC
+4.28%
J.P. Morgan Chase & Co. JPM
+4.85% ,
and Regions Financial RF
+3.77% all
rose at least 5%.
The Financial Select Sector SPDR ETF XLF
+3.58% which tracks the financial
stocks in the S&P 500, added 3.9%.
But strategists warned that the rebounds were overdue from a technical perspective and may not point the way to a sustained bounce.
The S&P 500 Index on Friday fell for a seventh session. Read U.S. stock market report on MarketWatch
In Europe, officials reportedly have agreed on how to leverage a key rescue fund, while Germany and France are looking at how to deepen fiscal integration in the euro zone.
Finance ministers from the euro zone were slated to meet Tuesday and were expected to agree to rules for borrowing against the European Financial Stability Facility (EFSF), as well as guidelines for intervening in the euro-zone bond markets and providing credit lines to governments, according to a Reuters report Sunday.
marketwatch.com
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