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Friday's Bank Stocks: Markets rebound to end week

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

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Friday's Bank Stocks: Markets rebound to end week

Bankand thrift stocks rose to end the week on Friday, April 8, and broader markets heldon to early gains to move higher during trading.

TheSNL U.S. Bank Index was up 0.48% to 369.84, and the SNL U.S. Thrift Index advanced0.72% to 769.35 on the day.

Comingoff a day of losses, markets bounced back to end the week as oil prices traded higher— though back-and-forth volatility remains the short-term outlook for markets fornow, according to Raymond James Chief Economist Scott Brown.

"We'rekind of in a no-man's land where earnings are upcoming and the economic data ismixed, so investors have some data to justify whatever position they want to take,"Brown said. He added that with ongoing uncertainty about how quickly the FederalReserve will move to tighten monetary policy, as well as questions about how strongthe U.S. economy performed in the first quarter, there are few catalysts that wouldspur strongly in either direction from current levels.

The DowJones Industrial Average rose 0.20% to 17,576.96 during trading; the S&P 500added 0.28% to 2,047.60 and the Nasdaq composite index edged 0.05% higher to 4,850.69.

The biggestbank names mostly joined the market's move higher. JPMorgan Chase & Co. shares gained 0.73% to $57.74, added 0.50% to $40.47,Bank of America Corp. wasup 0.23% to $12.88 and Wells Fargo& Co. closed at $47.07, up 0.30%.

traded up 0.72% to $39.38and PNC Financial Services Group Inc.climbed 0.43% to $81.82.

wasa lone laggard, as the company's shares dipped 0.50% to $35.49 by the closing bell.

Amongmajor regional institutions, Fifth ThirdBancorp rose 1.05% to $16.30 and RegionsFinancial Corp. added 0.92% to $7.67. Birmingham, Ala.-based Regionsannounced that it had entered into an agreementfor a co-branded loan application process with the online lending platform Avant.

Sharesin Pacific Premier Bancorp Inc.slid 0.29% to $20.32. According to a preliminary proxy statement, the company isseeking shareholder approval to amend its certificate of incorporation to the company's authorizedcommon shares to 100 million from 50 million.

disclosedthat it plans to decrease the size of its board members to 12 from 14. The company'sshares were up 0.85% to $42.81 in Friday trading.

In economicnews, the U.S. Census Bureau reported that sales of merchant wholesalers, exceptmanufacturers' sales branches and offices, after seasonal adjustments, were $427.6billion in February. That reading is down 0.2% from the revised January level anddown 3.1% from the February 2015 level.

Amongthrifts, New York Community BancorpInc. was up 0.94% to $15.03, and TFS Financial Corp. (MHC) shares closed at $17.26, up 0.88%.

Market prices and index valuesare current as of the time of publication and are subject to change.