PNC Leads Regional Bank ETFs Higher
Posted on October 22, 2009 at 18:53 PM EDT
Regional bank ETFs outperformed the market Thursday and recovered from the prior day's sell-off, hoisted higher by an earnings surprise from PNC Financial Services Group (PNC). Shares of the fifth largest U.S. bank rallied 13% and gave strength to regional bank ETFs as they bounced off support at their 50-day or 10-week moving averages. PNC broke out of a five-month cup-with-handle base and closed 6% above a 48.88 buy point. After more than