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Friday's Bank Stocks: A 'turn up' after 2 weeks of exhaustion


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Friday's Bank Stocks: A 'turn up' after 2 weeks of exhaustion

The market ended the May 6 trading session on higher ground aftera tough two weeks, one analyst said.

The SNL U.S. Bank Index rose 0.35% to 394.93, while the SNL U.S.Thrift Index inched forward 0.28% to 779.83. The S&P 500 rose 0.32% to 2,057.14,the Dow Jones Industrial Average increased 0.45% to 17,740.63 and the Nasdaq compositeindex moved up 0.40% to 4,736.16.

"I think it's a little bit of exhaustion from really twoweeks of drubbing, and so a little bit of a turn up from that," said MatthewShapiro, president and chief investment officer of MWS Capital Consultants LLC.

The U.S. economy added fewer jobs in April than in March, fallingshort of consensus estimates and leaving the unemployment rate at 5.0%. Total U.S. nonfarm payrollemployment rose by 160,000 in April. Over the past three months, the economy addedan average of 200,000 jobs, according to the latest Employment Situation reportfrom the Labor Department.

The expected month-over-month job gain for April was 200,000,while the consensus estimate for the unemployment rate was 4.9%, according to Econodaydata.

While the jobs report was not as good as expected, "wagesdid grow nicely 2.5% last quarter, so for now investors are taking heart after whathas been a tough two weeks," Shapiro said.

Among the larger banks, WellsFargo & Co. tacked on 0.12% to $49.02, JPMorgan Chase & Co. increased 0.59% to $61.60 and was up 0.41% to $44.41.Bank of America Corp. rose0.43% to $14.11.

Notable movers included Rancho Cordova, Calif.-based , up 5.37%to $10. 79, and Bedminster, N.J.-based Peapack-GladstoneFinancial Corp., whose shares rose 3.03% to $18.37.

Also, Dunkirk, N.Y.-based Lake Shore Bancorp Inc. (MHC) slumped 8.00% to $13.80.

Fishers, Ind.-based FirstInternet Bancorp fell 3.66% to $24.72 after it filed a prospectus supplement under which it may sell upto $25 million of its common stock through an at-the-market offering.

In M&A activity, Bar Harbor, Maine-based agreed to Newport, N.H.-based in an all-stockdeal valued at about $143 million, or roughly $17 per share. Bar Harbor retreated5.50% to $32.46, whereas Lake Sunapee Bank Group jumped 10.43% to $15.56.

In thrifts, Cleveland-based TFS Financial Corp. (MHC) dipped 0.33% to $18.03, and LakeSuccess, N.Y.-based Astoria FinancialCorp. increased 1.30% to $14.82.

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