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Why Comerica Stock Was Rising Today

Why Comerica Stock Was Rising Today

The markets were climbing on Friday as the S&P 500 was up 56 points (1.3%), the Dow Jones Industrial Average jumped 619 points (1.9%), and the Nasdaq Composite gained 120 points (0.9%) as of 12:30 p.m. ET. A news report on Monday by American Banker about Comerica's alleged violations of compliance requirements for the U.S. Treasury's Direct Express program sent the stock price tumbling earlier this week. More bad news followed, not specific to Comerica, but to regional banks in general, as the Federal Deposit Insurance Corp. (FDIC) came out with a report that said U.S. banks lost $472 billion, or 2.5% of total deposits, in the first quarter.