U.S. bank stocks soar on optimism but retreat on Amex | Reuters

U.S. bank stocks, which had their best week on record last week, powered higher amid optimism they can soon return to profitability, only to give back their gains after American Express Co (AXP.N) said more credit card customers are missing payments.
The KBW Bank Index .BKX of large lenders, which rose 37.4 percent last week, gave back all of their early 8.1 percent gain, and finished down 0.2 percent.
American Express said its "net write-off" rate rose to 8.7 percent as of the end of February from 8.3 percent a month earlier, while its percentage of loans at least 30 days past due rose to 5.3 percent from 5.1 percent.

U.S. bank stocks soar on optimism but retreat on Amex Reuters