Financial stocks rallied on a positive day for the market Tuesday, as the latest crop of earnings produced generally positive news.
The American Banker index of 225 banks rose 2.66%, and the index of the top 50 banks 2.88%. The Dow Jones industrial average edged up 1.18%, and the S&P 500 0.17%. Advanta Corp.'s stock soared 40.74%, to $7.125, after the company announced that it had agreed to sell its mortgage business to an unidentified financial company. (See story, page 1.)