Banks stocks did well Friday as investors anticipated that the Federal Reserve will ease interest rates. By contrast, the Dow Jones industrial average lost 1.6 points to close at 3,282.41.
The biggest gainers were in New York. J.P. Morgan & Co. led the surge. Shares rose $1.875 to $56, after losing ground on Thursday. Bankers Trust New York Corp. gained $1.75 to close at $57.875.
Mellon Bank Corp. in Pittsburgh rose $1.75 to close at $41. BankAmerica Corp. gained $1.25 to close at $45.