Banks stocks were up on Friday, as the Dow Jones industrial average recovered in the late afternoon to gain 6.48 points to close at 3,330.56.
California banks were among the biggest gainers, after losing ground earlier amid investor' worries about real estate. Shares of Wells Fargo & Co. rose $2.50 to $75.375 after Lehman Brothers recommended the stock. BankAmerica Corp.'s shares closed at $43.25, up $1.
New York banks did well, too. J.P. Morgan & Co.'s shares climbed $1.625 to $61.625. Republic New York Corp. gained $1.25 to 42.
Citicorp, also added to the Lehman buy list, rose 50 cents to the close at $21.25 as 2.1 million shares changed hands.