Why PacWest Bancorp Was Skyrocketing Today

PacWest Bancorp (NASDAQ: PACW) was having a very good day Monday, as its stock price was up about 21.6% as of 2:50 p.m. ET. It had been up as much as 24.8% on the day. The stock was trading at about $7 per share at that time, down roughly 69% year to date.

The market was mixed on Monday as the S 500 was up 11 points (0.3%), the Dow Jones Industrial Average was down 44 points (0.1%), and the Nasdaq Composite had gained 95 points (0.8%) as of 2:50 p.m. ET.

The battered bank stock, the holding company for Pacific Western Bank based in Beverly Hills, California, got a boost Monday after it announced that it was selling off about $2.7 billion in real estate construction loans.

Source Fool.com