Bankand thrift stocks traded lower Thursday, Sept. 29, but one economist sees apositive trend on the horizon.
Atclose, the SNL. U.S. Bank Index decreased 1.60% to 407.24, while the SNL U.S.Thrift Index slid 1.10% to 819.69.
Thebroader markets also took a hit for the day. The Dow Jones Industrial averagefell 1.07% to 18,143.45, the S&P 500 decreased 0.93% to 2,151.13 and theNasdaq composite index slipped 0.93% to 5,269.15.
Amonglarge-caps, Wells Fargo &Co. decreased 2.07% to $44.37, following Chairman and CEO JohnStumpf's testimony before the House Financial Services Committee.
fell1.59% to $65.65, Bank of AmericaCorp. declined 1.43% to $15.16 and dropped 2.28% to $45.80.
NeilShankar, economist with TD Economics, said though the market appears glum, hebelieves it is about to turn around.
"Allof these factors that are weighing the market down are really temporary andkind of one-off factors, also in regards to Wells," Shankar said."When you look at the broader picture of the U.S. economy, it's looking awhole lot brighter than what the market tells it out to be."
Amongother notable movers, PinnacleFinancial Partners Inc. dropped 2.63% to $53.04.
Inthrifts, BofI HoldingInc. climbed 2.59% to $22.20. Meanwhile, fell2.22% to $14.10.
Ineconomic news, the advance figure for seasonally adjusted jobless claims was254,000 for the week ended Sept. 24, up 3,000 from the previous week's revisedlevel, according to the U.S. Department of Labor. The four-week moving averagewas 256,000, down 2,250 from the previous week's revised average.
Market prices and indexvalues are current as of the time of publication and are subject to change.