Stocks began 2009 with large gains, as the S&P 500 Index increased 3.16%.  Bank stocks were mixed, as the KBW Banking Index rose 1.94%, while the KBW Regional Banking Index fell 0.30%.

The Bank Index was led by Regions Financial Corporation, Citigroup, and Comerica Incorporated, which were up 8.17%, 6.41%, and 5.54%, respectively. Lagging on the day were BB&T Corporation, Synovus Financial, and Commerce Bancshares, which had losses of 2.66%, 1.20%, and 0.84%.

Leading the Regional Banking Index were Frontier Financial Corporation, First Horizon National Corporation, and Citizens Republic Bancorp, which were up 20.64%, 5.96%, and 4.36%, respectively. Offsetting these were Hudson City Savings Bank, UCBH Holdings, and Susquehanna Bancshares, which had losses of 4.64%, 3.34%, and 2.83%.