JPMorgan, Financials Bounce Back, Rally Sharply

Financials are up today. Shares of the financials have pulled back since noon, but remain elevated on the session. The SPDR financial ETF XLF is up just over 1.4%. JPMorgan JPM may be benefiting the most, as shares of the bank are up some 5%. Bank of America BAC is up about 3% while Wells Fargo WFC is trading up almost 2%. Benzinga contacted Todd Hagerman of Sterne Agee. Hagerman covers most of the major US financials, including JP Morgan. Hagerman stated that the movement today is a one-day anomaly. Hagerman cited lower volume, stating that the upward momentum today was based primarily on a short covering rally. He pointed to positive comments from other analysts and a report from the Wall Street Journal as possible catalysts for driving the short covering.