Bank stocks took wing again on Wednesday as the financial markets rallied on fresh news of a cooling economy and a likely reduction in interest rates.

In afternoon trading, new 52-week highs were established by BankAmerica Corp., up $1 to $68.50, First Union Corp., up $1.25 to $59, Mellon Bank Corp., up $1 to $56.125, and Comerica Inc., ahead 25 cents to $38.25.

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