Synovus - Top Performing Bank

Published on Wednesday, 01 September 2010 16:46 Written by Gerard Lerod

New York, September 1st (TradersHuddle.com) - The KBW Bank Index closed higher at $45.25, which represents 4.14% from its previous close. The bank index had a broad rally with all Index components on the positive side.

Synovus (NYSE:SNV) was the top performer of the banking index, closing at $2.22 representing 7.77%. versus the previous trading session. Shares of Synovus, the financial services holding company based in Coumbus Georgia have defined support at $1.98 and resistance at $2.50.

Regions Financial (NYSE:RF) was also among the top performers, closing at $6.85 representing 6.53% from its previous close. Regions Financial, the Alabama based regional bank has calculated support and resistance levels at $6.25 and $6.64 respectively. The other top performer was KeyCorp (NYSE:KEY), which traded at $7.85 representing 6.51% from the previous trading session.

The bank's worst performers include People's United Financial (NASDAQ:PBCT) that closed at $12.73 or 0.24% from the previous close. Shares of People's United Financial, the Connecticut based banking holding company have defined support at $13.12 and resistance at $14.35. Also among the worst performers was M&T Bank (NYSE:MTB), which is currently trading at $87.49 representing 2.16% from the previous trading session.

Today, the banks outperformed the broad market index S&P 500.