Closing Glance: Diversified financial shares recover
NEW YORK—Most diversified financial-services stocks recovered from early losses to close higher on Tuesday as investors looked past soaring energy prices and disappointing quarterly results to place bets on a recovering economy.
Early Tuesday, government-sponsored mortgage company Fannie Mae, homebuilder D.R. Horton Inc. and Swiss bank UBS reported wider-than-expected quarterly losses.
Also, crude oil rose to a record price near $123 a barrel.
Where shares of some diversified financial companies closed on Tuesday:
Bank of America, up 27 cents to $39.24.
CIT Group Inc., up 54 cents, or 4.3 percent, to $13.13.
Citigroup, up 12 cents to $25.87.
JPMorgan Chase & Co., up 20 cents to $48.20.
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