U.S banks flip from loss to a gain in afternoon trading

|By:, SA News Editor

U.S. banks stage a reversal from a mostly-down morning to spend the afternoon in positive territory; the Financial Select Sector SPDR ETF (XLF +0.4%) rose as much as 0.4% this afternoon, after falling as much as 0.9% this morning.

In broader markets, the S&P 500 and Nasdaq indexes also turn to gains in the afternoon, while the Dow Jones Industrial average stays in negative territory.

Wells Fargo (WFC +1.4%) is leading the big banks after a Morgan Stanley analyst upgraded the bank to equal-weight; Goldman Sachs (GS +1.1%) also gained more than 1% in the afternoon. Bank of America (BAC +0.2%), however, lags the group.

In the next tier, KeyCorp (KEY +1.5%) and BofI Holding (BOFI +1.2%) are the biggest gainers followed by SunTrust (STI +1.4%), Fifth Third (FITB +1.2%) and BBT (BBT +1.2%).

Previously: Weekend trade talk rattles markets (July 2)

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