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Midday Friday: Banks slip following latest employment situation report


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Midday Friday: Banks slip following latest employment situation report

Bank and thrift stocks were down, along with broadermarkets, during early trading on Friday, Oct. 7, following the latestemployment situationreport.

The SNL U.S. Bank Index was down 0.62% to 421.22, and the SNLU.S. Thrift Index decreased 0.56% to 822.17. Around midday, the Dow JonesIndustrial Average declined 0.51% to 18,174.92, the S&P 500 retreated 0.63%to 2,147.10, and the Nasdaq composite index lost 0.62% to 5,273.94.

The nation's employment picture did not change significantlyin September, as the economy added 156,000 nonfarm payroll jobs during the month, accordingto the U.S. Department of Labor's Employment Situation report. Theunemployment rate ticked up to 5.0%. Economists expected the nation to add168,000 jobs during the month, according to Econoday data available fromBloomberg.

Among large-cap banks, Wells Fargo & Co. was unchanged at $45.18,JPMorgan Chase &Co. was down 0.12% to $67.79, Bank of America Corp. slid 0.46% to $16.15 andCitigroup Inc. gained0.02% to $49.08.

Among notable movers, First NBC Bank Holding Co. was up 1.75% to $11.07 duringmorning trading, after the company received a 15-day stay of suspensionyesterday, fromtrading on the Nasdaq Global Select Market. Meanwhile, climbed 2.79% to $23.05.

In the thrift space, Westbury, N.Y.-based wasdown 0.50% to $14.06, Lake Success, N.Y.-based fell 0.69% to$14.41, San Diego-based BofIHolding Inc. added 0.13% to $22.42, and Los Angeles-basedBroadway FinancialCorp. slid 8.72% to $1.57.

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