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Wednesday's Bank Stocks: Banks outperform broader indexes as Fed raises rates

U.S. bank stocks closed higher March 21 after the Federal Open Market Committee announced its first rate hike of the year.

As of 5 p.m. ET, the SNL U.S. Bank Index rose 0.47% to 638.30, and the SNL U.S. Thrift Index increased 1.26% to 975.94.

The broader markets swung into losses during the day. The three major indexes were up for most of the morning and early afternoon, then turned negative shortly after the FOMC made its announcement at 2 p.m. ET. As markets closed, the Dow Jones Industrial Average finished 0.18% lower to 24,682.31. The S&P 500 fell 0.18% to 2,711.93 and the Nasdaq Composite Index slipped 0.26% to 7,345.28. The 10-year U.S. Treasury benchmark yield rose to 2.901% from 2.881% on March 20, according to The Wall Street Journal.

Federal Reserve Chairman Jerome Powell, in his first rate hike as chairman of the Fed, said he expects further rate hikes will be necessary this year. Fed projections show at least two additional rate hikes penciled in for 2018.

The Big Four bank stocks closed mixed. JPMorgan Chase & Co. ticked up 0.09% to $114.74, Citigroup Inc. rose 0.55% to $73.32, Wells Fargo & Co. fell 0.20% to $54.79 and Bank of America Corp. closed down 0.34% to $31.87.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.

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