The government deal to help Citigroup appears to have given investors a bit of confidence in other US banks. In the face of more depressing economic data some of the USA banks rallied.
For example, Bank of America and JP Morgan Chase both rallied to exit Thanksgiving week with circa 40% gains on the prior week. Bank of America and JP Morgan Chase are both key players in the USA banking sector. The banks offer such products as personal loans and home equity loan products.
This will however be little compensation to investors and USA banks who have been bombarded with, what appears to be, ever worsening economic data.
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