KeyCorp leads recovery in bank stocks hit by S&P downgrade

Associated Banc-Corp

24/08/2023 15:52

** Shares of KeyCorp  KEY.N  climb nearly 2%, hitting levels
seen before the downgrade by S&P Global earlier this week 
    ** Co top gainer among the five U.S. banks that had their
credit ratings cut by the agency
    ** Other downgrade-hit banks also recover poise - Associated
Banc-Corp  ASB.N , UMB Financial  UMBF.O , Valley National
Bancorp  VLY.O  and Comerica  CMA.N  gain between 0.8% and 1.3%
    ** The KBW Regional Banking Index  .KRX  also up nearly 1%
after losing 1.5% as of Wednesday following the downgrade 
    ** Meanwhile, major U.S. stock indexes saw gains after a
blowout earnings report from Nvidia  NVDA.O , but markets
remained on edge ahead of Federal Reserve Chair Jerome Powell's
speech later this week 
    

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))