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Bank Stocks Soar as Market Roars Higher

JJ HornblassbyJJ Hornblass
October 28, 2008
in Archive
Reading Time: 1 min read
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Banking stocks soared today as the Dow Jones Industrial Average rebounded mightily, adding 10.88% to 9,065.12.

The KBW Bank Index added 13.01% for the day, closing at 57.77. The TED spread, meanwhile, dropped 1.545% to 271.

The TED spread — The difference between three-month Treasurys and the three-month Libor rate — is a measure of liquidity in the marketplace. By comparison, the TED spread hit a 10-year high on Oct. 10 of 464.

Among the big gainers today were Bank of America (+12.13%), Morgan Stanley (+10.71%), Wells Fargo & Co. (+11.77%), National City (+17.82%), Citigroup (+14.32%), and GE (+9.93%).

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