CMA - Why Shares of PacWest Bancorp Comerica and KeyCorp Are Rebounding Today
2023-05-05 11:58:46 ET
After a brutal week for the sector, bank stocks rebounded today despite a hotter-than-expected jobs report. The SPDR S&P Regional Banking ETF had jumped roughly 6% as of this writing.
Shares of PacWest Bancorp (NASDAQ: PACW) , which has been under intense pressure, had blasted more than 82% higher as of 11:26 a.m. ET today. Meanwhile, shares of Comerica (NYSE: CMA) traded nearly 17% higher, and shares of KeyCorp (NYSE: KEY) were up nearly 11%.
It has been a very interesting and bizarre week for bank stocks. After JPMorgan Chase's acquisition of most of the assets of First Republic , which had been seized by regulators, bank stocks began to sell off. This rout accelerated when media reports suggested that PacWest was exploring a sale and weighing its strategic options.
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Why Shares of PacWest Bancorp, Comerica, and KeyCorp Are Rebounding Today