Bailed-Out Financial Institutions Rally For A Second Consecutive Days (C, FRE, FNM)

Shares of financial institutions, which were bailed-out during the financial crisis, rallied for a second consecutive day on Wednesday.

The sentiment has shifted in favor of these companies in the last few days. Chris Wang, portfolio manager at New York based hedge fund SYW Capital Management, said “The cyclical recovery is taking place and the credit environment has improved significantly.”

Shares of Citigroup, Inc. (NYSE: C) rallied 3.66% to close at $3.96, after reaching a high of $4.07 in trading on Wednesday.

Shares of Freddie Mac (NYSE: FRE), and Fannie Mae (NYSE: FNM) were up by 2.34%, and 2.80% at market close on Wednesday.