Bank Rebound: +20% Record Daily Gain in the KBW Bank Index Last Friday, Is The Banking Crisis Over?
The KBW Bank Sector (^BKX) is a capitalization-weighted index composed of 24 geographically diverse stocks representing national money center banks and leading regional institutions, including Bank of America, Citigroup, Wells Fargo, etc. (see list here). As Larry Kudlow reported tonight at the top of "The Kudlow Report," the banking sector is rebounding, and the KBW Index has almost doubled since the early March bottom (see chart above), rising 96% since March 6.
The Index gained almost 4% today, following a 20.11% increase on Friday, which set a new record for the largest single-day increase in the KBW Index since it originated in 1993.