U.S. bank stocks mostly closed up Tuesday, Oct. 10, ahead of third-quarter earnings reports from the largest U.S. banks.
The SNL U.S. Bank Index rose 0.62% to 583.08, while the SNL U.S. Thrift Index climbed 0.79% to 947.54. The Dow Jones Industrial Average closed up 0.31% to 22,830.68, the S&P 500 gained 0.23% to 2,550.64 and the Nasdaq Composite Index increased 0.11% to 6,587.25.
Bank of the Ozarks will report earnings before the markets open Wednesday. Its stock closed up 0.51% to $47.66 on Tuesday. Other banks set to release earnings reports this week include the Big Four: JPMorgan Chase & Co., Wells Fargo & Co., Bank of America Corp. and Citigroup Inc. JPMorgan and Citi report earnings Thursday, while Wells Fargo and Bank of America report theirs Friday. Analysts anticipate the biggest U.S. banks will post modest lending gains and lower trading revenue, but increased interest income.
JPMorgan added 0.75% to $97.13 on the day, Wells Fargo closed up 0.85% to $55.61, Bank of America rose 0.31% to $25.93 and Citi declined 0.28% to $75.18.
In the thrift space, BofI Holding Inc. rose 0.37% to $27.00.
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