Financials Rallying Today (BAC, JPM, WFC, XLF)

Major U.S. financial stocks are rallying today on better-than-expected economic data and bargain hunting. A strong reading on U.S. manufacturing and a report from ADP showing planned layoffs hit their lowest level in 10 years are helping the financial sector in early trading today. Bank of America BAC is up 57 cents, or 4.62%, to $13.03. JP Morgan JPM is up 99 cents, or 2.72%, to $37.35. Wells Fargo WFC is up 99 cents, or 4.20%, to $24.54. The Financial Select Sector SPDR XLF is higher by 41 cents, or 2.99%, to $13.96. Many of these financial names have been crushed over the last six months on concerns about a possible double dip recession. Bank of America shares are down 21.45% over the last six months while shares of Wells Fargo and JP Morgan are down 10.4%, respectively, during that period. Investors may have begun bargain hunting in this space given the sharp selloffs.