Sector Wrap Up - Banks Lower: PBCT, MI, USB

Published on Monday, 12 December 2011 16:46 Written by Danny Miller

New York, December 12th (TradersHuddle.com) - The KBW Bank Index closed lower at $38.18, which represents -2.43% from its previous close. The bank index tumbled with 22 index components on the negative side.

People's United Financial (NASDAQ:PBCT) was the top performer of the banking index, closing at $12.59 representing 0.72%. versus the previous trading session. Shares of People's United Financial, the Connecticut based banking holding company have defined support at $11.58 and resistance at $12.80.

Marshall & Ilsley (NYSE:MI) was also among the top performers, closing at $7.9 representing 0% from its previous close. Marshall & Ilsley, the Wisconsin based diversified financial services firm has calculated support and resistance levels at $7.56 and $7.93 respectively. The other top performer was U.S. Bancorp (NYSE:USB), which traded at $26.04 representing -0.95% from the previous trading session.

The bank's worst performers include Citigroup (NYSE:C) that closed at $27.22 or -5.39% from the previous close. Shares of Citigroup, the diversified financial services firm have defined support at $27.41 and resistance at $30.14. Also among the worst performers was Bank of America (NYSE:BAC), which is currently trading at $5.45 representing -4.72% from the previous trading session.

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