March 13, 2009

Alabama stocks roared higher last week, climbing the most since November, largely on gains in the banking industry.The Bloomberg Alabama Index, a basket of 33 companies based in Alabama or with substantial operations in the state, gained 11.4 percent last week. Despite the gain, the index has fallen 28.6 percent for the year, more than the Standard & Poor's 500's 16.2 percent loss and the Dow Jones Industrial Average's 17.7 percent decline.

It was a good week for banks, the most battered sector among the major indexes. Six of seven Alabama bank stocks rose for the week. Financial shares in the S&P 500 soared 32 percent last week as Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. said they were profitable for the first two months of the year.Shares of Montgomery's Colonial BancGroup more than doubled last week. Regions Financial Corp.