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Monday's Bank Stocks: With little news, markets run off in all directions


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Monday's Bank Stocks: With little news, markets run off in all directions

Marketsmuddled through Monday, May 9, with little news, direction or momentum to go on.

The SNLU.S. Bank Index dropped 0.51% to 392.91, and the SNL U.S. Thrift Index lost 0.03%to 779.58. The Dow Jones Industrial Average slipped 0.20% to 17,705.91, the S&P500 expanded 0.08% to 2,058.69 and the Nasdaq composite index added 0.30% to 4,750.21.

Marketschurned throughout a light news day, as investors lacked a strong sense of directionor volatility, said AlanGayle, director of asset allocation and senior investment strategist at RidgeWorthCapital Management. The lighter trading volumes followed what had been a busy startto the month, with a week full of macro data and earnings that were largely absentfrom Monday's movement. Gayle predicted that the trickle of remaining earnings releaseswill be investors' focus until April retail sales figures are reported May 13.

"OnFriday, we finished on a relatively upbeat note after a soft start," he said."[Now,] there'sso much churning. It's not extreme volatility, but it's many cross-currents, andwe have sectors that are just moving without any real purpose or direction."

declined 0.63%to $61.21, Wells Fargo & Co.shrank 0.29% to $48.88, Bank of AmericaCorp. decreased 0.85% to $13.99 and Citigroup Inc. slid 1.17% to $43.89.

Sharesof Bar Harbor, Maine-based Bar HarborBankshares continued their decline in the wake of its May 5 merger announcementwith Newport, N.H.-based Lake SunapeeBank Group. Bar Harbor lost 1.23% to $32.06. Lake Sunapee gave up someof its after-announcement gains, falling 1.54% to $15.32.

expanded0.16% to $19.33 after the Irvine, Calif.-based company announced that it had the sale of Palisades GroupLLC to Palisades Holdings I LLC on May 9.

Wilmington,Del.-based The Bancorp Inc.rocketed up 5.62% to $5.45; Houston-based AllegianceBancshares Inc. grew 2.44% to $22.69; and Glen Head, N.Y.-based added 2.31%to $29.69. Houston-based Green BancorpInc. shrank 2.84% to $7.19; Monroe, Mich.-based MBT Financial Corp. declined 2.36% to $8.29; and Fishers,Ind.-based First Internet Bancorpfell 2.22% to $24.17.

In thethrift space, Fairfield, N.J.-based KearnyFinancial Corp. charged up 1.91% to $12.80 and New York Community Bancorp Inc. increased 0.41% to $14.64.San Diego-based BofI Holding Inc.lost 2.58% to $18.53 and EverBankFinancial Corp gave up 2.01% to $13.64.

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