Stocks Mostly Flat on Friday

US stocks rebounded to remain relatively flat on Friday on news of an agreement between lawmakers on a financial regulation.
Stocks Mostly Flat on Friday
6/28/2010
Updated:
6/28/2010

US stocks rebounded to remain relatively flat on Friday on news of an agreement between lawmakers on a financial regulation reform bill that will likely pass both chambers of Congress next week. The Dow Jones Industrial Average lost 9 points, or 0.09 percent, while the S&P 500 Index gained 3 points (0.29 percent).

Investors cheered the financial reform news after some months of uncertainty surrounding what the bill would look like in its final form, and the new rules should not have as much impact on banks’ bottom lines as previously thought. Shares of banks rose on Friday, led by JPMorgan Chase & Co., which gained 3.7 percent. Bank of America Corp. rose 2.7 percent, and Citigroup Inc. saw its stock increase by 4.2 percent.

The strictest rules surrounding derivatives trading and investments into hedge funds were left out of the final bill at the last minute to garner more votes.