US stocks bounce back, with banks leading the way

By MATTHEW CRAFT,AP Business Writer Updated at 2012-06-22 16:05:27 +0000

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NEW YORK (AP) — Banks are leading the stock market up in midday trading, a day after stocks had their second-worst loss of the year.

JPMorgan Chase and Bank of America are among the top stocks in the Dow Jones industrial average Friday. The gains come even after Moody's cut their credit ratings after the market closed Thursday.

The Dow is up 66 points to 12,639 shortly before noon Eastern.

Moody's had been warning that it would make the move since earlier this year. Analysts said the step by Moody's removes uncertainty had been hanging over the banks for months.

The Standard & Poor's 500 index rose 6 points to 1,331 and the Nasdaq composite index climbed 18 points to 2,877. The early gains turned the Nasdaq positive for the week.

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