U.S. markets edged higher Wednesday on strong earnings from major companies and as Federal Reserve Chairman Ben Bernanke stated there was no firm timetable for the curbing of stimulus measures. "We need accommodative monetary policy for the foreseeable future," Bernanke said before the House Financial Services Committee. "Because our asset purchases depend on economic and financial developments, they are by no means on a preset course." Bank and financial stocks are expected to experience the strongest earnings growth within the S&P 500 Index. Earnings growth for the financial sector is expected to be approximately 20 percent, compared to an average growth of 3.4 percent for the index as a whole.
Bank of America Corp. (NYSE: BAC) shares traded in the range of $14.04 to $14.44 Wednesday before settling to close at $14.31, an increase of 2.80 percent. The stock appears to have some support at the $14.03, $13.91 and $13.54 levels. Shares of Bank of America have gained approximately 23.0 percent in 2013.
More information on Bank of America and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BAC
Citigroup Inc. (NYSE: C) shares traded in the range of $51.78 to $52.39 Wednesday before settling to close at $51.79, a decrease of 0.08 percent. The stock appears to be facing some resistance at the $53.27 with some support at the $51.00 and $49.22 levels. Shares of Citigroup have gained approximately 30.9 percent in 2013.
More information on Citigroup and access to the free equity report can be found at:
www.WallStreetFundamentals.com/C
Mastercard Inc. (NYSE: MA) shares traded in the range of $582.95 to $593.94 Wednesday before settling to close at $593.35, an increase of 0.60 percent. The stock appears to be facing some resistance at the $594.34 and $599.62 levels with some support at $586.19. Shares of Mastercard have gained approximately 20.8 percent in 2013.
More information on Mastercard and access to the free equity report can be found at:
www.WallStreetFundamentals.com/MA
Visa Inc. (NYSE: V) shares traded in the range of $188.14 to $189.95 Wednesday before settling to close at $189.64, an increase of 0.14 percent. The stock appears to be facing some resistance at $189.88 with some support at the $186.68 and $183.76 levels. Shares of Visa have gained approximately 25.1 percent in 2013.
More information on Visa and access to the free equity report can be found at:
www.WallStreetFundamentals.com/V
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