Bank of America (NYSE:BAC) has to be loving 2012 so far.
The much-maligned financial stock of 2011 led big U.S. banking stocks to a strong showing Thursday that saw BAC shares rise above the $6 mark for the first time since early November. Bank analyst Nancy Bush told Reuters that upbeat job data and the possible anticipation of positive mortgage-related news propped up the bank�s shares.
BAC stock popped about 8.6%, putting the stock up more than 13% in the new year. Its giant American rivals enjoyed modest gains too, with JPMorgan Chase (NYSE:JPM, +2.1%), Wells Fargo (NYSE:WFC, +1.6%) and Citigroup (NYSE:C, +1.2%) all up on a flat day for the markets.
A few automakers also pushed forward Thursday as data continues to roll out from 2011 auto sales. The Detroit �Big 3� were all profitable for the first time since 2004, with Chrysler posting a 37% sales pop in December and Ford (NYSE:F) and General Motors (NYSE:GM) posting more modest, but strong, gains. GM was up almost 5%, and F shares gained about 2.6% Thursday. Volkswagen (PINK:VLKAY) also got a decent 1.5% boost, as it saw a monthly sales increase of 31%.
Dendreon (NASDAQ:DNDN) made waves as one of the biggest market movers of the day, gaining almost 40% on better-than-expected sales of its cancer drug Provenge. The company reported $82 million in fourth-quarter Provenge sales, and DNDN shares reached their highest price in two months.
Three Up- Ancestry.com (NASDAQ:ACOM): Up 20.1% ($4.60) to $27.47. (ACOM and how to play the baby boom.)
- Sirius XM Radio (NASDAQ:SIRI): Up 11.5% (21 cents) to $2.04.
- Nokia (NYSE:NOK): Up 6.5% (33 cents) to $5.41.
- Barnes & Noble (NYSE:BKS): Down 17.1% ($2.31) to $11.24. (BKS consider selling off Nook business.)
- American Eagle (NYSE:AEO): Down 10.8% ($1.64) to $13.52.
- MetroPCS Communications (NYSE:PCS): Down 8.9% (78 cents) to $8.01.
As of this writing, Kyle Woodley did not hold a position in any of the aforementioned stocks. Check out our list of previous IP Market Recaps.
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