Bank stocks edged lower Monday, retreating slightly from their sharp rally on Friday when a favorable employment report sparked widespread buying.
The American Banker index of the top 50 banks dipped 0.03%, and its index of 225 banks rose 0.24%. The weak tone overshadowed positive comments on several financial stocks. Shares of Synovus Financial Corp. of Columbus, Ga.; Wachovia Corp. of Winston-Salem, N.C., Baltimore's Mercantile Bankshares Corp., and National Commerce Bancorp. of Memphis all declined despite getting upgraded recommendations early Monday from the investment firm Robinson-Humphrey.