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Thursday's Bank Stocks: Markets slide as Trump cancels North Korea summit

U.S. markets closed lower Thursday, May 24, after President Donald Trump called off his planned June 12 summit with North Korean leader Kim Jong Un, and signed a legislative package that rolled back large portions of the Dodd-Frank Act.

The decline also comes a day after the release of the Federal Open Market Committee's meeting minutes.

The Dow Jones Industrial Average fell 0.30% to 24,811.76, the S&P 500 lost 0.20% to 2,727.76 and the Nasdaq Composite Index slid 0.02% to 7,424.43.

"Take the Fed minutes ... maybe the Fed wasn't going to be as aggressive as [investors] thought it would be, so the market went up," said Doug Roberts, chief investment officer at Channel Capital Research. "Now we have a situation where all of the sudden, we're on the verge of a conflict with North Korea."

"A large part of it is just noise," Roberts added. "It changes every day."

The nation's largest banks were down for the day, as Bank of America Corp. fell 0.76% to $30.21, Citigroup Inc. lost 1.32% to $69.31, JPMorgan Chase & Co. decreased 1.12% to $111.23 and Wells Fargo & Co. declined 2.69% to $54.67.

Among notable movers, Columbia Financial Inc. (MHC) shrank 2.45% to $17.11, Pacific Premier Bancorp Inc. lost 2.13% to $41.35 and First Citizens BancShares Inc. dipped 1.30% to $444.95.

CIT Group Inc. sank 4.52% to $52.76 after a preliminary count of its modified Dutch auction tender offer showed that 12.9 million common shares were tendered at or below the price of $54.75 per share.

In economic news, initial claims for U.S. unemployment benefits came in at 234,000 in the week that ended May 19, an increase of 11,000 from the previous week's revised level of 223,000, the U.S. Department of Labor said. The four-week moving average rose 6,250 to 219,750 from the previous week's revised average of 213,500.

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