At least momentarily, the banking sector is snapping back after yesterday’s horrendous thrashing. Citi is up 10% and Bank of America is up 7%, though these barely scratch the surface of their recent losses.
The big winner today: Northern Trust, which solidly beat earnings and is up nearly 20%. US Bancorp, which missed earnings, but actually had earnings (profits) is up 5%.
The big early loser: Barclays, which is down another 12%. It’s now lost 90% of its market cap this year.