Shares of regional banks were mostly lower Friday, ending a tumultuous week in which many reported profit declines or staggering losses as they set aside more money to cover souring mortgage loans.

Wachovia Corp <WB.N> shares fell as much as 10 percent on Friday after a downgrade by a Morgan Keegan & Co analyst, who said the stock's 73 percent rise in seven trading days wasn't justified in light of its credit problems.

NEW YORK (Reuters) - Wachovia Corp <WB.N> shares fell as much as 10 percent on Friday after a downgrade by a Morgan Keegan & Co analyst, who said the stock's 73 percent rise in seven trading days wasn't justified in light of its credit problems.

Standard & Poor's Ratings Services late Tuesday said SunTrust Banks Inc.'s sale of nearly 44 million shares of stock in Coca-Cola Co. will not affect its ratings.

Analysts were divided on the capital position of SunTrust Banks Inc <STI.N>, after the U.S. southeast regional bank on Tuesday said it will bolster capital by unloading a big Coca-Cola Co <KO.N> stake.

By Adveith Nair

Shares of Coca-Cola Co. rose Tuesday after a major shareholder announced plans for its 44 million shares, clearing up a source of uncertainty for other investors.

Surprisingly large second-quarter losses at Wachovia Corp. and Washington Mutual Inc. have quickly revived concerns that the financial sector still has a long way to go before it recovers from the year-old credit crisis.

Stocks surged in the final hour of trading as a sharp drop in oil prices and an analyst note prompted a late rally in financials. The Nasdaq eked out a gain but investors still punished select techs, including Apple and Texas instruments after the firms dispatched disappointing results.

Stocks advanced, buoyed by a sharp drop in oil prices, but technology stocks dragged on the market after disappointing earnings from Apple and Texas Instruments.

Among the earnings stories for Tuesday, July 22, from AP Financial News:

Stocks advanced, buoyed by a sharp drop in oil prices, but technology stocks dragged on the market after disappointing earnings from Apple and Texas Instruments.

Regional bank SunTrust Banks Inc. said Tuesday its second-quarter earnings fell 21 percent due to a sharp increase in its loan-loss provision and a decline in net interest income.

Stocks dropped at the open, crushed by a wave of disappointing earnings reports both after the close Monday and before the bell Tuesday.

SunTrust Banks Inc <STI.N>, a large U.S. southeast regional bank, said on Tuesday second-quarter profit declined, hurt by higher credit costs.