Financials Lead Markets Higher (XLF, C, FHN, AIG, CS, GDOT, WFC, RF)
Financial stocks continued to show uptrend as Jobs report came well above estimates, giving hopes that U.S. may not need another stimulus package. Financial Select Sector SPDR (ETF)(NYSEARCA:XLF) surged 1.15% to $14.96.
The U.S. economy added 227,000 jobs in February while hiring in January and December was revised up by a combined 61,000, the Labor Department reported Friday, topping Economists’ estimates of 213,000 jobs last month. Jobless rate during the month remained at 8.30%, in-line with estimates.
The U.S. trade deficit widened by 4.3% in January to $52.6 billion, the largest gap since October 2008, the Commerce Department said Friday, ahead of Wall Street economists’ forecast of a deficit of $49.0 billion.
Earlier, stock futures were trading higher through the late night as The Greek government said just over 80% of private-sector debt holders agreed to participate in its bond-swap offer.
Various banking stocks are leading include, First Horizon National Corporation (NYSE:FHN) jumped 3.73%, Citigroup Inc. (NYSE:C) climbed over 1% and Bank of America Corp (NYSE:BAC) rose about 1%.
American International Group, Inc. (NYSE:AIG) shares bounced back over 1% after fallin over 4% in the prior session as the U.S. government announced its plans to divest its holding in American International Group, Inc. (NYSE:AIG), expected to fetch around $6 billion in their kitty. AIG will buy back $3 billion of shares in the secondary offering, offsetting the overhang that would be created by the sale of the government stake.
Green Dot Corporation (NYSE:GDOT) surged 1.20% to $29.82 after announcing it’s spending $43M to acquire Loopt, a developer of mobile apps that allow users to obtain and share information about local businesses. Green Dot claims Loopt will help boost sales of its prepaid debit cards.
Credit Suisse Group AG (ADR)(NYSE:CS) fell 1.77% after surging over 4.50% in the previous trading session after it announced that it bought stake in wireless broadband provider Clearwire Corporation (NASDAQ:CLWR) from Google as per Deal Journal sources.
Other notable gainers include, Regions Financial Corporation (NYSE:RF) increased 0.80% and Wells Fargo & Company (NYSE:WFC) surged 1.50%.
