Sector Wrap Up - Banks Higher: RF, STI, MTB

Published on Tuesday, 20 December 2011 16:46 Written by Gerard Lerod

New York, December 20th (TradersHuddle.com) - The KBW Bank Index closed higher at $38.19, which represents 4.09% from its previous close. The bank index had a broad rally with all Index components on the positive side.

Regions Financial (NYSE:RF) was the top performer of the banking index, closing at $4.1 representing 7.33%. versus the previous trading session. Shares of Regions Financial, the Alabama based regional bank have defined support at $3.92 and resistance at $4.19.

SunTrust Banks (NYSE:STI) was also among the top performers, closing at $16.86 representing 6.71% from its previous close. SunTrust Banks, the super regional banking holding company with operations in the Mid-Atlantic and the Southeast has calculated support and resistance levels at $16.15 and $19.48 respectively. The other top performer was M&T Bank (NYSE:MTB), which traded at $75.13 representing 5.37% from the previous trading session.

The bank's worst performers include Marshall & Ilsley (NYSE:MI) that closed at $7.9 or 0% from the previous close. Shares of Marshall & Ilsley, the Wisconsin based diversified financial services firm have defined support at $7.56 and resistance at $7.93. Also among the worst performers was Capital One (NYSE:COF), which is currently trading at $41.75 representing 0.46% from the previous trading session.

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