Financial Stocks Recover Today: BAC, JPM, GS, MS, WFC, AXP

Wall Street

Financials across the board started the day off in the red as investors worried about rising oil prices affecting the global economic recovery. Traders are also concerned about the ongoing debt crisis in Europe, specifically Greece. These worries were washed away in early trading as pending home sales saw a surprise jump in January. Sales jumped 8% in the month while economists were only expecting a 1% jump. The major indices have given back most of their gains in afternoon trading. The Dow closed down 1 point today, the Nasdaq closed up 2 points and the S&P 500 closed up 1 point.

Bank of America Corporation (NYSE:BAC) is up 1.90% today at $8.03. BAC is trading slightly below average volume today with 226 million shares traded. The stock usually trades 282 million shares a day on average. A U.S. appeals court ruled today that a proposed $8.5 billion settlement between Bank of America and investors in mortgage backed securities should be returned to New York state court for review. The company has a market cap of 84.34 billion.

JP Morgan Chase & Co. (NYSE:JPM) is up 2.07% this afternoon at $39.07. JPM has traded 25.6 million shares so far today and trades 34.9 million shares. JPM shares are up more than $4 on the year. The company has a market cap of 147.89 billion.

Goldman Sachs Group, Inc. (NYSE:GS) is up 0.61% today at $116.60. GS has traded 3.6 million shares so far today and trades 7.1 million shares a day on average. GS shares are up more than $20 a share on average. The company has a market cap of 60.07 billion.

Morgan Stanley (NYSE:MS) is up 1.51% this afternoon at $18.76. MS has traded 13.6 million shares so far today and trades 27.6 million shares a day on average. MS shares have jumped more than $2 a share. The company has a market cap of 36.18 billion.

Wells Fargo & Company (NYSE:WFC) is up 2.75% today at $31.01. WFC has traded 32 million so far today, 2 million shares more than its daily average. WFC shares are up more than $2 so far this year. The company has a market cap of 163.30 billion.

American Express Company (NYSE:AXP) is up 1.59% today at $54.18. AXP is trading above average volume today with 6.6 million shares traded. AXP shares are up more than $6 on the year. The company has a market cap of 63.07 billion.

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About MarcS

An experienced trader with a background in political science, Marc got his start as an individual trader surfing the old stock message boards. He is always on the lookout for the next big winner.

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