U.S. markets edged higher Wednesday on strong earnings from major companies and as Federal Reserve Chairman Ben Bernanke stated there was no firm timetable for the curbing of stimulus measures. "We need accommodative monetary policy for the foreseeable future," Bernanke said before the House Financial Services Committee. "Because our asset purchases depend on economic and financial developments, they are by no means on a preset course." Bank and financial stocks are expected to experience the strongest earnings growth within the S&P 500 Index. Earnings growth for the financial sector is expected to be approximately 20 percent, compared to an average growth of 3.4 percent for the index as a whole.
BB&T Corporation (NYSE:BBT - News) shares traded in the range of $34.69 to $35.01 Wednesday before settling to close at $34.83. The stock appears to be facing some resistance at the $34.87 with some support at the $34.63 and $34.29 levels. Shares of BB&T have gained approximately 19.6 percent in 2013.
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The Bank of New York Mellon Corporation (NYSE:BK - News) shares traded in the range of $30.77 to $31.78 Wednesday before settling to close at $30.92, an increase of 1.88 percent. The stock appears to be facing some resistance at $31.58 with some support at the $30.75 and $30.47 levels. Shares of the Bank of New York Mellon have gained approximately 20.3 percent in 2013.
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CME Group Inc. (NASDAQ:CME - News) shares traded in the range of $75.71 to $76.89 Wednesday before settling to close at $76.03, a decrease of 0.34 percent. The stock appears to be facing some resistance at $77.09 with some support at the $74.73 and $67.19 levels. Shares of CME Group have gained approximately 50.0 percent in 2013.
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Legg Mason Inc. (NYSE:LM - News) shares traded in the range of $32.75 to $33.53 Wednesday before settling to close at $33.38, an increase of 1.95 percent. The stock appears to be facing some resistance at the $33.66 and $34.42 levels with some support at $32.48. Shares of Legg Mason have gained approximately 29.7 percent in 2013.
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