Local stocks follow Tuesday rally, Fifth Third up 31%
Business Courier of Cincinnati
Most larger Cincinnati-area banks and corporations saw some rebound Tuesday from the precipitous market drop that followed the rejection of the $700 billion financial bailout by Congress Monday.
Local stocks followed the national indexes, which strengthened over the day, but didn't recoup all of their losses from Monday. The Dow Jones Industrial Average, which lost 7 percent of its value Monday, gained 3485 points, or 5 percent. The NASDAQ and S&P 500 indices both gained about 5 percent Tuesday.
Regional banks also followed the rally. Fifth Third Bancorp (NASDAQ: FITB) gained back 31 percent of the 44 percent it lost Tuesday, closing at $11.90. up $2.79. National City (NYSE: NCC), which suffered a 56 percent loss Monday on buyout speculation, recovered 29 percent, or 39 cents, closing at $1.75.
Other banks with local operations also saw gains at the closing bell: KeyCorp (NYSE: KEY), jumped 22 percent, or $2.14, to $11.94; Huntington Bancshares (NASDAQ: HBAN) gained 7 percent, or 54 cents, to $7.99; JPMorgan Chase (NYSE: JPM) rose 14 percent, or $5.70, to $46.70; PNC Financial Services Group (NYSE: PNC) added 10 percent, or $6.70, to $74.70; First Financial Bancorp (NASDAQ: FFBC) gained 5 percent, or 65 cents, to $14.60; and U.S. Bancorp (NYSE: USB) was up 10 percent, or $3.27, to $36.02.
Other local non-bank stocks had similar results Tuesday. AK Steel (NYSE: AKS) closed up 11 percent, or $2.58, to $25.92; General Cable Corp. (NYSE: BGC) was up 9 percent, or $2.83, to $35.63; Omnicare (NYSE: OCR) gained 4 percent, or $1.03, to $28.77; Scripps Networks Interactive (NYSE: SNI), rose 0.1 percent, or 4 cents, to $36.31; and Procter & Gamble Co. (NYSE: PG) gained 4 percent, or $2.94, to $69.69.
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