bernanke-smiles

The Fed announced its much-anticipated banking oversight rules around 2 pm today, and since then many financial stocks have jumped on the news.
Financials had a big loss yesterday on the news that the Fed would be approving international Basel III rules for higher capital requirements, which could limit business at banks. But with the Fed announcement today that its rules will probably not go further than international standards, investors seemed to cheer the news.
It's been a bullish day overall, and the Dow is up over 300 points, but all the major financials have seen a bigger jump than usually following the 2pm announcement.
Here's a rundown:
  • Goldman Sachs (GS): Traded around $90.17 at 2pm, now at $90.95.
  • Morgan Stanley (MS): Traded around $14.61 at 2pm, now at $14.75.
  • JP Morgan (JPM): Traded around $31.81 at 2pm, now at $32.40.
  • Bank of America (BAC): Traded around $5.12 at 2pm, now at $5.20.
  • Citigroup (C): Traded around $25.71 at 2pm, now at $26.09.
  • Wells Fargo (WFC): Traded around $26.27 at 2pm, now at $26.49.