Bank of America
Why, you may ask, did these three stocks take off?
Shares of Bank of America continue to climb as it's looking increasingly likely we may actually see a settlement over the alleged foreclosure fraud that's been plaguing banks and mortgage servicers. There's overwhelming evidence to suggest that banks have been falsifying court documents in order to foreclose on homeowners for years. Since the settlement cost is relatively small and is being negotiated before the allegations have even been investigated, the deal can be presumed to be extremely favorable to the banks. We're now beginning to find out that the proposed settlement may not only cover past, but, oddly enough, future fraud as well. Amazing.
This week, Hewlett Packard shareholders received their own bit of good legal news when a court dismissed Oracle's
United Technologies is just one of a number of cyclical stocks -- particularly capital goods and consumer cyclicals -- that outperformed the market today. Cyclicals have been making a big comeback so far in 2012, as investors become increasingly optimistic about improving manufacturing, employment, and sales data.
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Ilan Moscovitz doesn't own shares of any company mentioned. The Motley Fool owns shares of Oracle and Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.