Goldman,Citi, Regionals Rise Despite FinReg: Relief Rally? Calm Before Storm?
The collective response today to news that House and Senate Democrats reached agreement on historic reform of banking was basically a shrug: Goldman Sachs (GS) rose $4.68, or 3.5%, to $139.66, while big “supermarkets” such as Bank of America (BAC) were up, too, with BAC rising 40 cents, or 3%, to $15.42.
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Edward Mills, FBR Capital: The bill is not as bad as it looks, though tougher than expected in the final form. “We expect the finalization of the legislation will provide short-term relief for financials; however, we remain cautious about this legislations longer-term implications” given how many devils there are in regulatory details, writes Mills.
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source: barrons
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