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Midday Thursday: Banks climb amid latest employment data


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Midday Thursday: Banks climb amid latest employment data

Bank and thrift stocks added to in morning tradingThursday, July 7. Around midday, the SNL U.S. Bank Index grew 0.51% to 376.71and the SNL U.S. Thrift Index increased 0.32% to 772.78.

The broader markets were mixed, with the Dow JonesIndustrial Average retreating 0.16% to 17,890.71, the S&P 500 slipping0.10% to 2,097.65 and the Nasdaq composite index climbing 0.11% to 4,864.72.

In economic news, private sector employment increased by jobs in June, accordingto the ADP National Employment Report. Small businesses booked the largestincreases in June, adding 95,000 jobs. Medium businesses added 52,000 jobs andlarge businesses added 25,000 jobs in the month.

The U.S. Labor Department reported that in the week endedJuly 2, the advance figure for seasonally adjusted initial jobless claims was254,000, down from the previous week's revised level of 270,000. The four-weekmoving average was 264,750, compared to the previous period's revised averageof 267,250.

Challenger Gray & Christmas Inc. reported that U.S.employers announced plans to shed 38,536 workers from their payrolls in June,up 28% from the 30,157 job cuts disclosed in May and down 14% from the 44,842planned job cuts reported in June 2015.

Among large-cap banks, JPMorgan Chase & Co. rose 0.53% to $60.51,Wells Fargo & Co.ticked up 0.10% to $46.70, Bank ofAmerica Corp. increased 0.35% to $12.91 and advanced 0.67% to $41.33.

WintrustFinancial Corp. saw its stock tick up 0.50% to $49.95 in morningtrading amid news that it is acquiring Elgin, Ill.-based at anaggregate purchase price of approximately $30.3 million.

Among notable movers, Santa Clara, Calif.-based gained 2.73%to $92.92; Pasadena, Calif.-based East West Bancorp Inc. went up 2.55% to $33.02; andDallas-based Texas CapitalBancshares Inc. climbed 2.23% to $45.32 in morning trading.

In the thrift space, New York Community Bancorp Inc. inched up 0.20% to$14.70; San Diego-based BofIHolding Inc. added 0.81% to $17.34; Lake Success, N.Y.-basedAstoria FinancialCorp. ticked up 0.47% to $14.93; and Cleveland-based increased 0.67% to $17.16.

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