Why Shares of PacWest Bancorp, Comerica, and KeyCorp Are Rebounding Today
After a brutal week for the sector, bank stocks rebounded today despite a hotter-than-expected jobs report. The SPDR S Regional Banking ETF had jumped roughly 6% as of this writing.
Shares of PacWest Bancorp (NASDAQ: PACW), which has been under intense pressure, had blasted more than 82% higher as of 11:26 a.m. ET today. Meanwhile, shares of Comerica (NYSE: CMA) traded nearly 17% higher, and shares of KeyCorp (NYSE: KEY) were up nearly 11%.
It has been a very interesting and bizarre week for bank stocks. After JPMorgan Chase's acquisition of most of the assets of First Republic, which had been seized by regulators, bank stocks began to sell off. This rout accelerated when media reports suggested that PacWest was exploring a sale and weighing its strategic options.
Source Fool.com
