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Friday's Bank Stocks: Markets have 'some digestion to do'


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Friday's Bank Stocks: Markets have 'some digestion to do'

Bank stocks, along with the broader markets, took a slighthit Friday, Sept. 23.

After a strong midday, the SNL U.S. Bank index slipped 0.23% to 416.39while the SNL U.S. Thrift index rose 0.19% to 835.68.

The S&P 500 declined 0.57% to 2,164.69, the Nasdaq fell0.63% to 5,305.75 and the Dow Jones Industrial Average slipped 0.71% to18,261.45.

Doug Sandler, chief equity officer at RiverFront InvestmentGroup, chalked the day's numbers up to a "Friday without any realcatalyst," though he amended that falling oil prices most likely played arole in the decline.

"We've had a pretty strong week across the board,"Sandler said. "What would worry me would be if I looked at the market andsaw that Nasdaq was doing significantly worse than the Dow, or if I sawsmall-caps doing significantly worse than large-caps. I think the market hassome digestion to do here, and I think that is completely normal."

Among large caps, JPMorgan Chase & Co. slid 0.21% to $67.25,Bank of America Corp.fell 0.51% to $15.52 and CitigroupInc. gained 0.08% to $47.15.

Meanwhile, Wells Fargo & Co. rose 0.04% to $45.74. The uptickcomes amid news that Wells Fargo CEO John Stumpf from an advisory council to theFederal Reserve.

Other notable movers include FCB Financial Holdings Inc. which rose 2.10% to $39.40.Conway, Ark.-based Home BancSharesInc. dropped 4.50% to $21.65.

Among thrifts, Westbury, N.Y.-based increased 2.43%  to $14.77. Meanwhile,Troy, Mich.-based FlagstarBancorp Inc. fell 1.11% to $27.72.

Market prices andindex values are current as of the time of publication and are subject tochange.