Stocks rallied on Friday after the central bank chief spoke in Jackson Hole, placing the indexes on pace for winning weeks.
All 91 stocks in the S & P Composite 1500 Regional Bank index rose on Friday in the wake of Federal Reserve Chair Jerome Powell 's speech before a conference of central bank officials, saying U.S. officials are on the verge of lowering interest rates . The S & P 1500 regional banks — comprised of all the regional bank stocks in the S & P 500, the S & P MidCap 400 and S & P SmallCap 600 indexes — surged as much as 5.
The five largest percentage gain in the index came in Maryland's Eagle Bancorp , recently up 11.7%, New York Community Bancorp , higher by 10.2%, Dime Community Bancorp , ahead 9.2%, Valley National Bancorp , up 8.9%, and Capitol Federal Financial , which climbed 8.9%. New York Community, Dime Community and Valley National are all based in the New York city suburbs, while Capitol Federal is in Topeka, Kansas. The SPDR S & P Regional Banking ETF performed better still, climbing 6.
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