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.