Los Angeles-area stocks largely bounced back Tuesday along with the overall markets as investors hunted for bargains after yesterday’s historic sell-off.

The Los Angeles Business Journal’s index of the 200 largest local public companies closed up 4.5 percent to 130.63 after losing nearly 9 percent Monday when Congress failed to pass a financial bailout plan. Gainers outpaced decliners 125 to 46.

Regional bank stocks were mixed. First Regional Bancorp closed up 20 percent to $6.25 erasing all of Monday’s losses. City National Corp., the parent of L.A. County’s largest locally based bank, rose 7 percent to $54.30 after falling 10.5 percent the previous day.

Conversely, Nara Bancorp Inc., the only major bank stock to close up on Monday, ended up the index’s top loser on Tuesday, dropping 23 percent to $11.20.

Real estate services giant CB Richard Ellis Group Inc. was up 16 percent after losing 17 percent on Monday. Among homebuilders, Ryland Group Inc. was up 4.5 percent to $26.52 after falling 9 percent the previous day. But KB Home barely budged, recovering only 2 percent to close at $19.68 after dropping 10 percent on Monday.

Occidental Petroleum Corp. gained 8 percent to close at $70.45 on Tuesday. It fell 16 percent yesterday on falling oil prices.

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Reuters

market wrap-up.