Foreclosure debacle to test stocks' rally

U.S. banks will be in the limelight next week as several household names report earnings and investors worry a forced halt to foreclosure proceedings could hit the sector and end the recent rally.

Bank shares fell sharply on Friday on very high volume, continuing a slide from the previous day. Although recovering some of their losses, Bank of America (BAC.N) shares hit their lowest in over a year, while the KBW bank index .BKX fell 2.4 percent.

Shares of Bank of America, the nation's largest mortgage lender, have fallen 9 percent during the week. Over 595.9 million shares of the company's stock traded on Friday, the most since April 2009 and over four times the 50-day moving average.

Read Full Article from Reuters

- Posted: 2010-10-17 14:00:02

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