Thrifts, which outperformed banks last week in a generally slow market environment, continued their upswing in trading Monday.
The group picked up after the Federal Reserve Board cut rates by 50 points Wednesday even as shares of banks fell. The American Banker thrift index was up 0.7% Monday, after rising 1.2% last week. Its index of 225 banks rose 0.91% and its index of the top 50 banks 0.79%. Analysts said they continue to view thrifts as safe investments. Kevin Szocik of Keefe, Bruyette & Woods raised his estimates for Golden West Financial Corp. in Oakland, Calif., by 15 cents a share, to $4.40, for 2001 and reiterated his outperform rating.