Bank of America Blows Past $6 as Financials Surge

[Stocks-to-Watch]

On a very mixed day for the broader market, big banks have suddenly begun to pop, led by Bank of America (BAC).

It was a little less than a month ago that the megabank’s stock dipped under $5 per share, but today it has climbed safely back over $6, and was recently up 7.3% at $6.23. One reason could be that Citigroup analysts held fast to their Buy recommendation on the stock today. In general, analysts have grown slightly more bullish with the turning of the calendar. Most famously, Barclays analyst Jason Goldberg warned investors this week that it’s riskier now to not own banks than to own them.

The sector’s rise is surprising in part because European banks are trading lower on pessimism about the debt situation in the Euro Zone and their increasing reliance on the European Central bank. Indeed, not all big banks are faring well today. Citigroup (C) is up 2.1% but Goldman Sachs (GS) is off by 0.3%.



Original Article Source by Barrons.com