Most bank stocks gained ground on Thursday as inflation fears eased and a bond market rally helped inspire a late surge that pushed the Dow Jones Industrial Average up 58.55.
Cincinnati's Fifth Third Bancorp. was up $1.50 to $53.25 in late trading. Also rising were Cleveland-based KeyCorp, up $1.125 to $32.625, Citicorp up 87.5 cents to $45, and Signet Banking Corp., Richmond, Va., up 50 cents to $37.75.
The downdraft in interest rates did not immediately help the mortgage-related stocks, however. Countrywide Credit Industries, Pasadena, Calif., the big mortgage banker, was off 50 cents to $14.125.
Among thrift institutions, Golden West Financial Corp., Oakland, Calif., rose 37.5 cents to $43.125 and Washington Federal Savings, Seattle, was up 25 cents to $21.375.