Monday, September 14, 2009

Stock Market Update: Monday, September 14, 2009

So the market is up 22 points today and U.S. Bank up 12 cents, closing at $21.98. Nothing dramatic but headed in the right direction.

It was a year ago this week that U.S. Bank hit it's high point for 2008, at $36.22 a share. It was downhill from that point until the first week of March when we hit our low point of $8.82 a share. The ups and down of the stock market seemed to affect all banks about the same during that period. However, once we turned the corner in March the market has seemed to recognize which banks are stronger than others. Not so much "guilt by association" as in the past. Some banks (JP Morgan Chase and Wells Fargo, for example) have rebounded a bit faster than us, while others (like Citibank and Bank of America) have not rebounded nearly as well. So, while we may not be at the top of the heap as far the recovery of our stock price, we still look pretty dang good.

Meanwhile in "A Penny For Your Thoughts AND Also Your Stock" news, Bank of the Cascades closed a bit lower at $1.11 - roughly 90% below where they were a year ago at this time.
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