Bank shares rally after passing annual stress test

PacWest Bancorp

29/06/2023 15:39

** Shares in U.S. banks were rising on Thursday after the
biggest U.S. banks sailed through the Federal Reserve's annual
health check on Wednesday
    ** Regional banks were boosted along with the biggest U.S.
banks in what seemed like a vote of confidence for a sector
which is still being watched warily by investors after the
collapse of several banks this year and a currently uncertain
economic outlook
    ** While the S&P 500 bank index  .SPXBK  was up 2.0%, on
track for its biggest one-day pct gain since June 2, the KBW
regional banking index  .KRX  also added 2.1%
    ** In the SPXBK the biggest percentage gainers included
Wells Fargo  WFC.N  3.0%, M&T Bank  MTB.N  2.3% and Comerica 
 CMA.N  2.2%
    ** Big U.S. investment banks not included in the SPXBK were
also rallying with Goldman Sachs  GS.N  up 2.8% and Morgan
Stanley  MS.N  rising 1.3%
    ** Laggards in the SPXBK were Citi  C.N  roughly flat and
Truist Financial  TFC.N  up just 0.3%
    ** Regional lender gainers include PacWest  PACW.O  up 4.2%
and Valley National  VLY.O  3.3%



 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +13322191897;))