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Stocks ended higher Wednesday, led by financials as the sector got a shot of confidence from a well-known analyst — and investors. Staples and telecoms were the biggest decliners.
The Dow Jones Industrial Average gained 2.95, not even a tenth of a percent, to close at 10,567.33. The S&P 500 added 0.5 percent, while the Nasdaq gained 0.8 percent.
Bank shares hit a 16-month high, with Bank of America and JPMorgan among the Dow's top gainers.
Citigroup shot up more than 3 percent as Rochdale Securities analyst Dick Bove gave the company a vote of confidence on CNBC this morning
Plus, Citi priced its preferred offering — 80 million shares at $25 each and a yield of 8.5 percent — which was met with strong demand. And there was buzz that the company's real estate unit might be purchased by Apollo Management. Citi is up over 15 percent in the past five days as investors have cheered the company's progress.
Bove also gave a shot in the arm to the entire banking sector, saying two to three years from now, bank dividend payouts are going to be back up around 40 percent.
Also drumming up interest in banks is news that British bank Barclays is said to be considering buying a U.S. retail bank. Some of the names being bandied about include Fifth Third , PNC , SunTrust and Comerica .
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