Banks Outperfomed the S&P 500 :BK, SNV, RF

Published on Thursday, 02 February 2012 16:46 Written by Gerard Lerod

New York, February 2nd (TradersHuddle.com) - The KBW Bank Index closed higher at $43.61, which represents 0.72% from its previous close. The bank index exhibited strong upside with 20 index components on the plus side.

Bank of New York Mellon (NYSE:BK) was the top performer of the banking index, closing at $21.29 representing 3.65%. versus the previous trading session. Shares of Bank of New York Mellon, the financial services company have defined support at $19.74 and resistance at $21.77.

Synovus (NYSE:SNV) was also among the top performers, closing at $1.8 representing 2.27% from its previous close. Synovus, the financial services holding company based in Coumbus Georgia has calculated support and resistance levels at $1.65 and $1.81 respectively. The other top performer was Regions Financial (NYSE:RF), which traded at $5.44 representing 2.16% from the previous trading session.

The bank's worst performers include Commerce Bancshares (NASDAQ:CBSH) that closed at $39.25 or -0.58% from the previous close. Shares of Commerce Bancshares, the registered bank holding company based in Kansas City Missouri have defined support at $38.80 and resistance at $41.10. Also among the worst performers was People's United Financial (NASDAQ:PBCT), which is currently trading at $12.23 representing -0.2% from the previous trading session.

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