Government cash for everybody!
Fifth Third Bancorp jumped 17 per cent, leading regional lenders in the Standard & Poor’s 500 Index to a 6.1 per cent advance, as the Treasury doled out cash as part of its package to shore up the financial system. Verizon Communications Inc. jumped 11 per cent following better-than-estimated sales. The U.S. market escaped a global sell-off that sent France’s benchmark index down 4 per cent and Hong Kong’s down 13 per cent.
The Standard & Poor’s 500 Index increased 4.63 points, or 0.5 per cent, to 881.4 at 1:11 p.m. in New York. The Dow Jones Industrial Average added 110.87, or 1.3 per cent, to 8,489.82. The Nasdaq Composite Index climbed 2.17, or 0.1 per cent, to 1,554.2.
- SunTrust (GA) $3.5 billion
- Capital One (VA) $3.55 billion
- KeyCorp (OH) $2.5 billion
- City National (CA) $395 million
- First Niagara (NY) $186 million
- First Horizon (TN) $866 million
- Washington Federal (WA) $200 million
- Valley National (NJ) $330 million
- Northern Trust (IL) $1.5 billion
- PNC Financial (PA) $7.7 billion
- Regions Financial (AL) $3.5 billion
- United Commercial (CA) $298 million
- Fifth Third (OH) $3.4 billion
- Huntington (OH) $1.4 billion
- Comerica Inc. (TX) $2.25 billion
I’ve seen different listings of who is on the list and many of them don’t add up to fifteen. I’m also seeing State Street ($2.0 billion) included. This list of banks getting some Treasury cash just keeps growing.
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