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Monday's Bank Stocks: Optimism ahead of central bank meetings

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Monday's Bank Stocks: Optimism ahead of central bank meetings

Investors positioned themselves Monday, Dec. 11, ahead of a spate of central bank meetings happening this week.

The SNL U.S. Bank Index lost 0.43% to 611.92 and the SNL U.S. Thrift Index fell 0.64% to 937.42. The Dow Jones Industrial Average grew 0.23% to 24,386.03, the S&P 500 added 0.32% to 2,659.99 and the Nasdaq Composite Index improved 0.51% to 6,875.08.

Investors seemed undaunted by an attempted terrorist attack in New York City ahead of trade opening, with technology and energy names leading the index. Without much economic news, investors seemed focused on three key central bank meetings occurring later in the week, including the Federal Open Market Committee in the United States and the European Central Bank and Bank of England in Europe. Observers largely expect the FOMC to increase interest rates, but what could be most telling are indications of future increases.

Monday was also the first full day of bitcoin futures trading on an exchange run by Cboe Global Markets. The futures began trading Sunday evening and experienced a run-up in price, which triggered a volatility halt.

In banking, JPMorgan Chase & Co. announced it hired former Barclays executive Matthew Massaua to head its Sapphire card suite. He will replace Lisa Walker, who will take on a new role within JPMorgan's card division. JPMorgan declined 0.29% to $105.62.

Bank of America Corp. fell 0.38% to $28.94, Citigroup Inc. improved 0.18% to $75.85 and Wells Fargo & Co. lost 0.74% to $58.87.

Beverly Hills, Calif.-based PacWest Bancorp unit Pacific Western Bank announced it was selling substantially all of its portfolio related to healthcare, technology and general cash flows to Morgan Stanley Bank NA for approximately $1.48 billion. The portfolios have a total carrying value of $1.49 billion as of Nov. 30, and the company expects to record a $13 million pretax gain on the sale. Shares increased 2.68% to $48.59.

BofI Holding Inc. declined 2.30% to $26.79, Union Bankshares Corp. dropped 2.08% to $35.78 and Heartland Financial USA Inc. fell 2.05% to $50.15.

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