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Midday Tuesday: Banks in positive terrain


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Midday Tuesday: Banks in positive terrain

Bank and thrift stocks rebounded from in morning tradingTuesday, Sept. 27. Around midday, the SNL U.S. Bank Index increased 0.58% to409.99 and the SNL U.S. Thrift Index climbed 0.54% to 828.20.

The broader markets also moved higher. The Dow JonesIndustrial Average went up 0.47% to 18,180.57, the S&P 500 increased 0.39%to 2,154.40 and the Nasdaq composite index rose 0.58% to 5,287.91.

Among large-caps, Wells Fargo & Co. ticked up 0.26% to $44.99 aroundmidday, amid news that another lawsuit has been against the company by formeremployees. Additionally, the U.S. Department of Labor's Wage and Hour Divisionhas begun reviewingthe company's labor practices.

JPMorgan Chase& Co. rose 0.65% to $66.21, Bank of America Corp. increased 0.86% to $15.22 andCitigroup Inc.advanced 0.59% to $46.16.

Hope BancorpInc. increased 0.18% to $16.78 in morning trading. The LosAngeles-based company recently announced that it to complete its first phase ofbranch consolidations by the end of 2016 and expand its footprint in theHouston market in the first quarter of 2017.

In the thrift space, Astoria Financial Corp. increased 0.34% to $14.79,TFS Financial Corp.(MHC) rose 0.51% to $17.87 and BofI Holding Inc. advanced 5.52% to $22.94. ,meanwhile, declined 0.28% to $14.44.

In economic news, the S&P CoreLogic Case-Shiller U.S.National Home Price NSA Index, covering all nine U.S. census divisions,reported a 5.1% annualgain in July. The 10-city composite posted a 4.2% annual increase,down from 4.3% the previous month, while the 20-city composite reported a 5.0%year-over-year gain, down from 5.1% in June.

The Conference Board Consumer Confidence Index reached 104.1in September, up from 101.8 in August. The Present Situation Index rose to128.5 in September from 125.3 the previous month, and the Expectations Indexincreased to 87.8 in September from 86.1 in August.

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