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Article: Banks pull stock market higher after sell-off
- Article from:
- AP Online
- Article date:
- April 21, 2009
- Author:
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Rising bank stocks pulled the market higher Tuesday after Treasury Secretary Timothy Geithner told Congress that some banks could be allowed to repay financial bailout funds.
Geithner said the decision on repayments would be left to bank regulators and that "the vast majority" of banks had more capital than they needed.
Stocks had fluctuated earlier Tuesday after a string of lackluster earnings reports and forecasts stoked worries about how quickly the economy can recover.
Banks stocks, which had slid on Monday, bounced back after the Geithner comments. JPMorgan Chase & Co. rose 6.8 percent, Citigroup Inc. jumped 10.5 percent, while Goldman Sachs Group Inc. ...