On Tuesday, the Federal Deposit Insurance Corp. reported the U.S. banking industry posted earnings of $36.0 billion in the third quarter of 2013, which was 3.9 percent lower when compared to the third quarter of 2012. "While industry revenue was lower, due in large part to a reduction in mortgage originations caused by higher interest rates, today's report shows further progress in the gradual recovery of the banking industry," FDIC Chairman Martin Gruenberg told reporters at a recent news conference. Additionally, the FDIC reported that the number of banks on its problem watch list had decreased by 38 when compared to the previous quarter. Here is how some banking stocks reacted Tuesday:
Bank of America Corp. (NYSE: BAC) shares traded in the range of $15.81 to $15.97 Tuesday before settling to close at $15.88, an increase of 0.44 percent. The stock appears to have some support at the $15.62, $14.97 and $14.80 levels. Shares of Bank of America have gained approximately 36.0 percent in 2013.
More information on Bank of America and access to the free equity report can be found at: www.WallStreetFundamentals.com/BAC
Citigroup Inc. (NYSE: C) shares traded in the range of $52.96 to $53.46 Tuesday before settling to close at $53.01, a decrease of 0.53 percent. The stock appears to be facing some resistance at $53.09 with some support at the $52.73 and $52.00 levels. Shares of Citigroup have gained approximately 34.0 percent in 2013.
More information on Citigroup and access to the free equity report can be found at: www.WallStreetFundamentals.com/C
JPMorgan Chase & Co. (NYSE: JPM) shares traded in the range of $57.17 to $57.96 Tuesday before settling to close at $57.17, a decrease of 0.83 percent. The stock appears to have some support at the $56.94, $56.54 and $55.32 levels. Shares of JPMorgan Chase & Co. have gained approximately 30.0 percent in 2013.
More information on JPMorgan Chase & Co. and access to the free equity report can be found at: www.WallStreetFundamentals.com/JPM
Wells Fargo & Co. (NYSE: WFC) shares traded in the range of $44.29 to $44.74 Tuesday before settling to close at $44.31, a decrease of 0.38 percent. The stock appears to be facing some resistance at the $44.44 and $44.68 levels with some support at $43.83. Shares of Wells Fargo have gained approximately 30.0 percent in 2013.
More information on Wells Fargo and access to the free equity report can be found at: www.WallStreetFundamentals.com/WFC
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