(Sept. 19) Financial companies jumped after the U.S. Treasury and Federal Reserve announced efforts to halt the credit-market seizure and British and American regulators cracked down on short sellers. Here are they:
- Citigroup Inc. (C:US) climbed 24 percent to $20.65.
- Wachovia Corp. (WB:US) surged 29 percent to $18.75.
- American International Group Inc. (AIG:US) jumped 43 percent to $3.85.
- Goldman Sachs Group Inc. (GS:US) added 20 percent to $129.80.
- Washington Mutual Inc. (WM:US) rose 42 percent to $4.25.
- Morgan Stanley (MS:US) increased 21 percent to $27.21.
- JPMorgan Chase & Co. (JPM:US) advanced 17 percent to $47.05.
- General Electric Co. (GE:US) rose the most since November 2002, adding 7.4 percent to $26.62. The third-largest company got about half its profit from financial units last year.
Ambac Financial Group Inc. (ABK:US) tumbled 42 percent to $3.87 for the biggest drop since April. Moody’s Investors Service said it’s considering cutting financial-strength ratings by several grades for the bond insurer and its larger rival MBIA Inc. (MBI:US). MBIA dropped 8 percent to $12.88.
U.S. stocks climbed for the first time in four days as lower commodity prices eased concern that inflation will force the Federal Reserve to raise interest rates.
Bank of America Corp. and Citigroup Inc. led financial shares to the biggest advance in the Standard & Poor’s 500 Index. General Motors Corp., U.S. Airways Group Inc. and Carnival Corp. helped lead gains among companies that benefit from lower energy prices as oil dropped. American International Group Inc. rallied on UBS AG’s recommendation to buy the shares.
A Morgan Keegan analyst recommended selling shares of Wachovia Corp. Monday after the stock jumped sharply last week and ahead of a meeting between new chief executive Robert Steel and investors.
Morgan Keegan analyst Robert Patten said nothing has fundamentally changed recently to spark the increase in Wachovia’s stock price, and the national bank is still facing increasing credit losses. The losses are due to the bank’s high concentration of option adjustable-rate mortgages and commercial real estate loans, which are likely to continue defaulting at an increasing rate, Patten wrote in a research note.
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