Banks to Rise on Monday

Hi All,

Quote from Marketwatch:

"The S&P 500 and the Dow industrials rallied on Friday, buoyed by an advance in heath-care and financial stocks that helped shares notch a fifth straight week of gains.

Dow Jones Industrial Average DJIA, +0.69% gained 120.81 points, or 0.7%, to close at 17,602.30. Goldman Sachs Group Inc. GS, +3.07% and J.P. Morgan Chase JPM, +2.94% contributed more than 40 points to the blue-chip gauge.

The  a recent selloff in banks earlier this year fueled by concerns about the effects of ultralow interest rates on banks’ balance sheets, “bank shares have gotten so beaten up that they are cheap in terms of valuations,” Conlon said, which partly explains Friday’s strong rally in financials

The oil rally over the past few sessions has been “good news” for financial shares, as it assuaged some of the market’s worries about the impact of energy companies’ defaults on bank loans, said John Conlon, chief equity strategist at People’s United Wealth Management."

Hopefully that bodes well for our financials on Monday.