Bullish Bank Breakout! (MI, FITB, RF, BAC)

Banking names have been loathed by investors for practically all of 2010. But today, at least for one day, things are different. Banking stocks are surging today after pending home sales came in better than expected and the four-week average of new jobless claims fell to its lowest level since August 2008. Clearly a recovery is taking hold, and this will help beleaguered bank stocks. Here is today's honor roll: Bank of America BAC up is up 40 cents, or 3.54%, to $11.69. Fifth Third FITB is up 62 cents, or 5.01%, to $12.88. Regions Financial RF is up 38 cents, or 6.70%, to $6.05. And finally, the big winner, Marshall & Ilsley MI is up 57 cents, or 11.68%, to $5.45.