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Friday's Bank Stocks: Banks rise as S&P 500 closes at record high

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Friday's Bank Stocks: Banks rise as S&P 500 closes at record high

Banks and thrifts rose on Friday, July 22, as widermarkets continued their bullish march higher and sent the S&P 500 to a recordclose.

The broad-based benchmark index closed its fourthstraight week of gains and ended trading up 0.46% to a record 2,175.03 close.

The SNL U.S. Bank Index was up 0.64% to 401.06and the SNL U.S. Thrift Index rose 0.97% to 799.41.

Broader markets are continuing to ride a seriesof data readings that indicate the economy is continuing to grow despite a slowerstart to the year and the Brexitshock during the summer, according to ClearView Economics LLC President Ken Mayland."Just the flow of economic data seems to be more positive. We had a good , retail sales werepretty good, industrial production was good for the month, and with that good newsagain we are talking about a Federal Reserve rate hike coming sooner rather thanlater," Mayland said.

"There's a bit more certainty about our economicsituation, and it's better than most places relatively," he added, saying thatthe U.S. economy's relative strength also might be bringing global capital inflowsto domestic equities.

Mayland also said that the relative strength ofthe nation's economy might help calm market jitters if the Fed does indeed beginto signal it will tighten policy — something that has driven market volatility wheneverthe central bank has indicated it may do so in recent years. "A rise in ratesis a validation of the economy, and market history shows that a good portion ofstock gains over the ages have been when interest rates were rising," Maylandsaid.

The Dow Jones Industrial Average was up 0.29% to18,750.85 on the day; the Nasdaq composite index rose 0.52% to 5,100.16.

Large-cap banks were mostly higher amid the broad-basedadvances, as Bank of America Corp.added 0.77% to $14.38, Citigroup Inc.gained 0.39% to $44.30, and JPMorganChase & Co. added 0.55% to $64.04.

WellsFargo & Co. edged up 0.04% to $48.32.

CapitalOne Financial Corp. shares slid 1.41% to $67.03 in the first tradingsession after it announced July 21 that second-quarternet income available to common stockholders was $871 million, or $1.69per share.

SunTrustBanks Inc. shares fell 1.78% to $42.40 after it said net income available to common shareholders during thesecond quarter was $475 million, or 94 cents per share.

Santa Clara, Calif.-based SVB Financial Group declined 1.16% to 101.01. It said July21 that second-quarter net income available to common stockholderswas $93.0 million, or $1.78 per share.

Among thrifts, New York Community Bancorp Inc. shares were up 0.89% to $14.77by the close, and Cleveland-based TFSFinancial Corp. (MHC) rose 1.06% to $18.05.

In other economic news, a special reportfrom Markit signaled that the U.K. economy is already being damaged by the country'svote to leave the European Union.A preliminary reading by Markit of its index surveying purchasing managers saw itslargest decline in the index's history, according to a Reuters report.

Still Mayland of ClearView Economics said thatinvestors had taken a rather positive view of the U.K. economy's future.

"The more telling thing to me is the priceof the [FTSE 100] — it's substantially higher than after the Brexit vote,"Mayland said, adding that British and global investors still clearly believe thatmajor companies operating in the U.K. will bounce back from the political uncertaintystill hanging over the country.

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