Sector Wrap Up - Banks Higher: WFC, STT, STI

Published on Monday, 27 February 2012 16:46 Written by Christian Paolinetti

New York, February 27th (TradersHuddle.com) - The KBW Bank Index closed higher at $45.3, which represents 1.34% from its previous close. The bank index had a pretty much broad rally with 22 index components on the plus side.

Wells Fargo (NYSE:WFC) was the top performer of the banking index, closing at $30.92 representing 2.45%. versus the previous trading session. Shares of Wells Fargo, the San Francisco based diversified financial services Company have defined support at $28.77 and resistance at $31.47.

State Street (NYSE:STT) was also among the top performers, closing at $41.48 representing 2.33% from its previous close. State Street, the provider of investment management and securities administration has calculated support and resistance levels at $39.11 and $42.81 respectively. The other top performer was SunTrust Banks (NYSE:STI), which traded at $22.75 representing 2.04% from the previous trading session.

The bank's worst performers include Huntington Bancshares (NASDAQ:HBAN) that closed at $5.88 or -0.51% from the previous close. Shares of Huntington Bancshares, the regional banking holding company based in Columbus, Ohio have defined support at $5.75 and resistance at $6.15. Also among the worst performers was Fifth Third (NASDAQ:FITB), which is currently trading at $13.58 representing -0.15% from the previous trading session.

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