U.S. stocks bounce back; big banks move higher
NEW YORK – The stock market bounced back Friday, a day after suffering its second-worst loss this year. Bank of America, JPMorgan Chase and other big lenders posted solid gains even though many of them had their credit ratings cut the day before.
Analysts said the downgrades from Moody’s Investor Service late Thursday had been expected for months and removed some of the uncertainty that had been weighing on bank stocks.
“It’s been like a cloud over the sector,” said Brian Gendreau, market strategist with the broker Cetera Financial. “And look at who’s going up: bank stocks. There are obviously some people who thought it would be much worse.”
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