Financials Rebound - A 3 Day Roller Coaster
When the news of Bear Stearns increased credit concerns arose on Friday, the Financial stocks took a beating, adding to their woes from the past few months. Sunday's news of the JP Morgan Chase's $2/share buyout of Bear drove prices down further. Now with Lehman and Goldman reporting better than expected earnings the financials are up significantly.
As of 11:00 am EST, many of the banks have rallied back, paring losses from Friday and Monday. As the beneficiary of what many are calling the "deal of the century", JP Morgan has had the best gain. Even Bear has gained some ground on speculation that they may be able to get a better deal. Here is how some of these stocks have changed over the past three days and where they stand relative to last Thursday's close.
Chart updated as of close: XLF , up 8.4% today, had its best percentage gain in eight years.