Bank Stocks Post Double Digit Gains

Bank stocks got a boost on Friday after the Fed’s stress test revealed that more than half of the tested banks (10 out of 19) need to raise additional capital. According to CNBC, the ten banks need approximately $75 billion.

Bank of America (BAC) alone accounts for almost half the additional capital needed. After the results were released, BofA shares rose 5 percent. Apparently, BofA’s stress test results exceeded the expectations set by investors.

Bank of America bailout

Several other banks posted double digit gains:

Fifth Third Bancorp (FITB): 59 percent

Regions Financial (RF): 25 percent

PNC  Financial (PNC): 19 percent

Wells Fargo (WFC): 14 percent

For the complete results of the stress test, visit CNBC’s Stress Test Scorecard.

Now that the tests are done, what’s next?