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Midday Thursday: Wells Fargo down as Stumpf testifies in House


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Midday Thursday: Wells Fargo down as Stumpf testifies in House

Bank andthrift stocks were mixed in morning trading Thursday, Sept. 29. Around midday,the SNL U.S. Bank Index increased 0.16% to 414.52, while the SNL U.S. ThriftIndex slid 0.41% to 825.41.

The broadermarkets moved lower,with the Dow Jones Industrial Average decreasing 0.19% to 18,303.60, theS&P 500 retreating 0.22% to 2,166.68 and the Nasdaq composite index sliding0.42% to 5,295.99.

went down0.63% to $45.03 in morning trading, as Chairman and CEO John Stumpf testifiedbefore the House Financial Services Committee.

ticked up0.25% to $66.88, Bank of AmericaCorp. gained 0.42% to $15.44 and Citigroup Inc. advanced 0.68% to $47.19.

Amongthrifts, New York CommunityBancorp Inc. fell 1.35% to $14.22 and Astoria Financial Corp. dropped 0.95% to $14.55 inmorning trading. BofI HoldingInc. jumped 4.21% to $22.55, while was flat at$17.94 around midday.

In economicnews, real GDPincreased at an annual rate of 1.4% in the second quarter, according to the"third" estimate released by the U.S. Department of Commerce's Bureauof Economic Analysis. In the second estimate, the increase in real GDP was1.1%. In the first quarter, real GDP increased 0.8%.

in Augustsank to their lowest level since January, according to the National Associationof Realtors Pending Home Sales Index. The index declined 2.4% to 108.5 inAugust from a downwardly revised 111.2 in July, and fell 0.2% from the previousyear, bringing the index to its second-lowest reading this year.

In the weekended Sept. 24, the advance figure for seasonally adjusted was 254,000, anincrease of 3,000 from the previous week's revised level, according to the U.S.Department of Labor. The four-week moving average was 256,000, a decrease of2,250 from the previous week's revised average.

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