Sector Wrap Up - Banks Higher: SNV, ZION, COF

Published on Wednesday, 04 January 2012 16:46 Written by Christian Paolinetti

New York, January 4th (TradersHuddle.com) - The KBW Bank Index closed higher at $40.81, which represents 0.34% from its previous close. The bank index exhibited strong upside with 16 index components on the plus side.

Synovus (NYSE:SNV) was the top performer of the banking index, closing at $1.58 representing 3.27%. versus the previous trading session. Shares of Synovus, the financial services holding company based in Coumbus Georgia have defined support at $1.36 and resistance at $1.46.

Zion (NASDAQ:ZION) was also among the top performers, closing at $17.14 representing 2.24% from its previous close. Zion, the collection of regional banks with operations in the Western U.S. has calculated support and resistance levels at $14.52 and $16.53 respectively. The other top performer was Capital One (NYSE:COF), which traded at $44.5 representing 1.71% from the previous trading session.

The bank's worst performers include State Street (NYSE:STT) that closed at $41.3 or -1.24% from the previous close. Shares of State Street, the provider of investment management and securities administration have defined support at $38.93 and resistance at $41.75. Also among the worst performers was Citigroup (NYSE:C), which is currently trading at $28.17 representing -0.56% from the previous trading session.

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