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Thursday's Bank Stocks: Markets see moderate gain following FOMC meeting

Following Wednesday's highly anticipated Federal Open MarketCommittee meeting, bank and thrift stocks saw moderate gains Thursday, Sept. 22.

The SNL U.S. Bank Index increased 0.32% to 417.34, while theSNL U.S. Thrift Index rose 0.86% to 834.09. The Dow Jones Industrial Averageincreased 0.54% to 18,392.46, the S&P 500 gained 0.64% to 2,177.18 and theNasdaq composite index gained 0.84% to 5,339.52.

Comerica Bank Chief Economist Robert Dye said he believesthe upward-moving markets are reflective of the committee's decision not toinstitute a rate hike.  

"I think today was a little bit of a relief rally withthe Fed's not raising rates," Dye said. "I think it gives the equitymarkets a little more room to run. I think at the same time, the Fed increasedthe expectation that we will get a rate hike by the end of this year."

Aside from the FOMC, Dye said other factors, such as theprice of oil, are playing a role in the "ups and downs" of the market.

Among large-caps, Citigroup Inc. rose 0.45% to $47.11 and gained 0.82% to$67.39. Meanwhile, Wells Fargo& Co. fell 0.24% to $45.72 and Bank of America Corp. declined 0.32% to $15.60.

In economic news, the advance figure for seasonally adjustedinitial jobless claims was 252,000 for the week ended Sept. 17, down 8,000 fromthe previous week's unrevised level. The four-week moving average decreased2,250 from the previous week's unrevised average to 258,500.

Among other notable movers, Atlanta-based ended theday up 3.03% to $23.15. Also, Tyler, Texas-based rose 2.34% to$32.86.

In thrifts, Flagstar Bancorp Inc. increased 2.00% to $28.03.Meanwhile, Charter FinancialCorp. fell 0.61% to $13.02.

Market prices andindex values are current as of the time of publication and are subject tochange.