Bank stocks jumped ahead of the market on Monday but you haven’t missed the real rally yet, according to one well-known analyst. Richard Bove, of Rochdale Research, thinks bank stocks could triple from current levels as the industry, bolstered by government aid and flush with new capital, returns to basic lending practices in time for an economic rebound.
First quarter profits fell by nearly a quarter at Lowe’s but investors cheered an improved forecast for the year. The second-largest home improvement chain in the U.S. earned 32 cents a share, down from 41 cents last year, while analysts had expected 25 cents. Lowe’s shares gained $1.49, or 8.1%, to $19.94. New home construction figures are due out tomorrow
The SPDR KBW Bank ETF advanced $1.21, or 6.6%, to $19.51 on Monday.
Rising stocks sank the SPDR Gold Trust, an ETF that buys gold, by $1.19, or 1.3%, to $90.36.