User uShare Login | Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.

25° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options




[0] My Saved Articles
Back to all news


Find local businesses
on the KELO Pages!


Bank Stocks Lead Way For Wall Street Rally

June 22, 2012, 9:50 PM by Angela Kennecke

Bank Stocks Lead Way For Wall Street Rally

Stocks bounced back Friday, after the second worst day of the year.  That's despite a cut to 15 of the world's top banks credit rating because of the risk of losses they face in the volatile markets.

Despite bad news on the banking front, sales were good on Wall Street. 

"The news when it did come out after market closed yesterday wasn't as worse as expected, therefore you see a jump in bank stocks today," Financial Advisor Tom Carson of Waddell and Reed said.

Moody's Investor Service downgrade of bank ratings was expected since February and Carson says the discounts had already been factored into the market. 

"You might see people steer more toward the stronger banks as a result of this downgrade, but as far as markets go, they were oblivious to last downgrade because they had priced that in," Carson said.

Carson says the dip in the market this week had more to do with national and international economic factors.  But he says as long as the average investor stays on course, there's no reason to panic. 

"We're still in a recession and climbing out of it slowly.  But a lot of people are bullish on equities and a lot of people are saying it's going to be a volatile summer, but hopefully we can end the year up," Carson said.

Banks rose the most among 24 S&P 500 groups Friday, rallying 1.7 percent.

Previous Story

Next Story




View business

You may also like

Board Of Education Member Had Multiple Contracts With State

11/23/2015 6:05 PM

That means in addition to her state salaries at USD and Northern State, Duncan earned an additional $124,000 in contracts from the Department of Educa...

Full Story | Watch
Fired GEAR UP Worker Defends Stacy Phelps

11/24/2015 6:05 PM

When the state pulled its multi-million dollar GEAR UP contract from Mid Central Educational Co-Op in September, all the current GEAR UP workers were ...

Full Story | Watch
Bison Ranch Owner By Turner Gets Permit For Feedlot Addition

11/25/2015 1:35 PM

Stanley County commissioners have approved a feedlot at a bison ranch owned by media mogul Ted Turner.

Full Story
Black Friday Shopping Starting on Thanksgiving

11/21/2015 5:43 PM

As more stores announce their Black Friday hours, the times are getting earlier and could even cut into your Thanksgiving meal.

Full Story
Some Black Friday Deals Are Not Deals

11/23/2015 4:51 PM

Recent research found just because something is called a doorbuster doesn't mean it's significantly discounted.

Full Story