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News Summary: Stocks bounce back; bank stocks rise

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The Associated Press | June 22, 2012 05:24 PM EST | AP


A BOUNCE: The stock market bounced back Friday, a day after suffering its second-worst loss this year. Bank stocks had some of the biggest gains even though many of them had their credit ratings cut the day before.

WHAT DOWNGRADE? Analysts said the round of 15 downgrades from Moody's Investor Service late Thursday had been expected for months and removed uncertainty that had weighed on bank stocks.

ROUGH WEEK: The Dow and S&P 500 finished the week lower, their first week of losses since June 1. The biggest drop came Thursday, when weak manufacturing reports stirred fears about the global economy.