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Monday's Bank Stocks: Financials book 2nd-highest sector gain on 'expected' earning results

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Monday's Bank Stocks: Financials book 2nd-highest sector gain on 'expected' earning results

Relief that a Turkish coup had failed and a quiet day in bankearnings pushed broader markets up modestly higher Monday, July 18.

The SNL U.S. Bank Index rose 0.45% to 400.47, while the SNL U.S.Thrift Index declined 0.28% to 800.48. The DowJones Industrial Average grew 0.09% to 18,533.05, the S&P 500 climbed 0.24%to 2,166.89 and the Nasdaq composite index added 0.52% to 5,055.78.

Monday's movement was in part due to investors' "relief"that the coup attemptin Turkey as planned, even as investors mull what that country's endgame will look like, said FTN Financial economist Christopher Low. He pointed outthat financials enjoyed the market's second-highest sector gains on the day, behindtechnology companies, as they began their second week of earnings. He said thatthat gain indicated investors "expected" the reported results.

"My sense looking at this is, there's still a great dealof caution and it's a modest gain," he said. "But there's nothing wrongwith a modest gain when it comes on the heels of a week and a half of up days."

Bank of America Corp.expanded 3.29% to $14.11, following news that it reported net income applicable to common shareholders of$3.87 billion, or 36 cents per share, in the second quarter, compared to $4.80 billion,or 43 cents per share, a year ago. Management said during the earnings call that expense management willbe a large part of growing future earnings.

Wells Fargo &Co. rose 1.19% to $48.28 and CitigroupInc. increased 0.54% to $44.57, while JPMorgan Chase & Co. shrank 0.34% to $63.96.

State Street Corp.gained 1.25% to $57.62, First BanCorp.tacked on 0.89% to $4.54 and BankUnitedInc. ticked up 0.46% to $32.62.

PacWest Bancorpdeclined 2.16% to $40.33, LegacyTexasFinancial Group Inc. dropped 1.97% to $28.92 and First Citizens BancShares Inc. slid 1.91% to $263.06.

In the thrift space, EverBankFinancial Corp added 1.21% to $15.87; Flagstar Bancorp Inc. improved 0.58% to $26.21; and Vancouver,Wash.-based Riverview Bancorp Inc.fell 2.85% to $4.78.

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