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Wednesday's Bank Stocks: Sector leads major indexes after VP debate

Bankstocks outperformed in trading Oct. 5 as the markets settled following lastnight's vice presidential debate between Democrat Tim Kaine and Republican MikePence.

"Bothguys came off in line with what people were expecting," Mitchell Sacks,chief investment officer at Grand Slam Asset Management LLC said. "I thinkthe markets are expecting a Clinton victory which has the markets fairly calm."

Sackssaid the Fed's dovish tone and recent actions by regulators are also fendingoff threats of a recession, explaining the modest movements in the majorindexes.

TheDow Jones Industrial Average rose 0.62% to close at 18,281.03, the S&P 500increased 0.43% to 2,159.73, and the Nasdaq composite index added 0.50% to5,316.02.

Thosemodest gains were outdone by the bank sector, with the SNL U.S. Bank Indexrising 1.91% to close at 422.56. Shares of JPMorgan Chase & Co. rose 1.64% at $67.69,Citigroup Inc.increased 1.88% to $48.65, Bank ofAmerica Corp. climbed 1.96% to $16.11, and added 2.83% to$44.99.

Morenotably, Central Valley CommunityBancorp rose 6.58% to finish at $15.72 following last week'sacquisition ofSierra VistaBank.  was among the losersin banks, dropping 1.65% to close at $26.30.

gained 2.32% toclose at $38.79 despite the announcement after hours Oct. 4 that the companywas denied its requestfor $55 million from the FDIC for Banco Popular de Puerto Rico's 2010 transaction forWesternbank Puerto Rico.

Inthrifts, the SNL U.S. Thrift Index rose 0.67% to close at 829.17. climbed 0.57% to close at $14.15.

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