Sector Wrap Up - Banks Higher: HBAN, SNV, MI

Published on Thursday, 02 September 2010 18:15 Written by Gerard Lerod

New York, September 2nd (TradersHuddle.com) - The KBW Bank Index closed higher at $45.78, which represents 1.17% from its previous close. The bank index exhibited strong upside with 20 index components on the plus side.

Huntington Bancshares (NASDAQ:HBAN) was the top performer of the banking index, closing at $5.68 representing 3.84%. versus the previous trading session. Shares of Huntington Bancshares, the regional banking holding company based in Columbus, Ohio have defined support at $5.04 and resistance at $5.46.

Synovus (NYSE:SNV) was also among the top performers, closing at $2.29 representing 3.15% from its previous close. Synovus, the financial services holding company based in Coumbus Georgia has calculated support and resistance levels at $2.01 and $2.50 respectively. The other top performer was Marshall & Ilsley (NYSE:MI), which traded at $6.98 representing 2.8% from the previous trading session.

The bank's worst performers include Northern Trust (NASDAQ:NTRS) that closed at $47.22 or -0.38% from the previous close. Shares of Northern Trust, the Chicago, IL based bank that provides asset and wealth management services have defined support at $45.30 and resistance at $50.74. Also among the worst performers was M&T Bank (NYSE:MTB), which is currently trading at $87.28 representing -0.24% from the previous trading session.

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