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Midday Friday: Banks dip amid weaker-than-expected nonfarm payrolls

U.S. bank and thrift stocks were sliding, along with broader markets, around midday Friday, April 7, as the U.S. Labor Department announced weaker-than-expected nonfarm payrolls for March.

Nonfarm payrolls expanded by 98,000 jobs in March, while the unemployment rate declined to 4.5%. Experts had forecast a gain of 175,000 jobs for March, according to Econoday data made available by Bloomberg. The consensus unemployment prediction was 4.7%.

The SNL U.S. Bank Index declined 0.88% to 525.52, and the SNL U.S. Thrift Index slid 0.47% to 902.74. The Dow Jones Industrial Average was down 0.05% to 20,653.41, the Nasdaq composite index decreased 0.12% to 5,871.82, and the S&P 500 edged 0.07% lower to 2,355.82.

The nation's biggest banks were also trading negative. JPMorgan Chase & Co. ticked down 0.32% to $86.20, Bank of America Corp. shed 0.64% to $23.11, Wells Fargo & Co. decreased 0.88% to $54.88, and Citigroup Inc. lost 0.90% to $59.35.

Among other notable movers, The Bancorp Inc. gained 2.74% to $4.88, while Civista Bancshares Inc. lost 5.04% to $21.11, Webster Financial Corp. retreated 1.86% to $48.43, and Bank of the Ozarks Inc. fell 1.81% to $49.40.

In the thrift space, BofI Holding Inc. dipped 1.68% to $24.05, and Astoria Financial Corp. declined 0.89% to $20.06.

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