Why Bank of America and PNC Stocks Crushed the Market Today
On Thursday, many investors were kind to bank stocks. One particular clutch of five stocks did particularly well after an analyst upgraded them as a group. Two of the more prominent titles in the quintet were Bank of America (NYSE: BAC) and PNC Financial Services (NYSE: PNC), which rose by nearly 6% and almost 5%, respectively.
The prognosticator behind the lifts was Odeon Capital's Dick Bove, who published his new take on the five banks before market open. He lifted his recommendation on all to buy from the previous hold. In addition to Bank of America and PNC, the quintet included other familiar lenders Wells Fargo, U.S. Bancorp, and Truist Financial.
Bove's series of upgrades were based on Federal Reserve Chairman Jerome Powell's comments in the wake of the Fed's interest-rate decision, which was handed down on Wednesday. The analyst said those comments were a "clear" indication that inflation has ended.
Source Fool.com
