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In Brief: Webster and Riggs End the Week Strong.(Riggs National Corp; Webster Financial Corp)(Brief Article)

American Banker

| May 03, 2004 | Rieker, Matthias | COPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Bank stocks were mixed Friday but ended up outperforming the broader market for the day and week.

A modest rally in the morning did not last, however. "Nobody has any gusto for a long position," said Peter McCorry a senior trader at Keefe, Bruyette & Woods Inc.

The American Banker index of 225 banks fell 0.2% for the day, as did the Nasdaq bank index, and the Standard & Poor's 500 fell 0.6%.

Several consumer lenders were down, hurt by data showing only a modest improvement in consumer spending in March. Some smaller regional banks also fell.

…

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