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Bank stocks registered gains Monday, Nov. 16, as investors continued to press the rally in the broader markets higher.
The SNL Bank Index gained 1.07% to 269.12, and the SNL Thrift Index closed 1.04% higher to 557.20.
William Hummer, senior vice president and chief economist with Wayne Hummer Wealth Management told SNL that he expects bank stocks will continue to move into the black. "I think they've emerged from a crisis mode, and the spreads are great, and they're going to stay very good. I think write-offs and provisions for loan losses will gradually be erased," Hummer said. "I think they could surprise on the upside. They have the wind to their back."
In the broader markets, the Dow Jones Industrial Average climbed 1.33% to 10,406.96, the NASDAQ Composite Index added 1.38% to 2,197.85, and the S&P 500 advanced 1.45% to 1,109.30. "Till year-end, we're in an upward move ... especially financials," Hummer said.
Comments from Federal Reserve Chairman Ben Bernanke...