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Thursday's Bank Stocks: Day after tax reform vote, financials soar


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Thursday's Bank Stocks: Day after tax reform vote, financials soar

U.S. bank and thrift stocks made gains Thursday, Dec. 21, a day after the Senate voted to send an updated version of the Republican tax plan to President Donald Trump's desk.

The SNL U.S. Bank Index rose 1.41% to 626.84, and the SNL U.S. Thrift Index increased 0.51% to 954.40. Broader markets also ended the day in positive territory, as the Dow Jones Industrial Average ticked up 0.23% to 24,782.29, the S&P 500 expanded 0.20% to 2,684.57 and the Nasdaq Composite Index grew 0.06% to 6,965.36.

Bank of America Corp. gained 1.15% to $29.82, Citigroup Inc. rose 1.55% to $75.82, JPMorgan Chase & Co. increased 1.59% to $107.83 and Wells Fargo & Co. added 2.44% to $61.61.

Heritage Commerce Corp shares were flat at $15.70 on Thursday, following news that the San Jose, Calif.-based company will acquire San Ramon, Calif.-based Tri-Valley Bank in an all-stock deal valued at about $31.6 million. On a call to discuss the deal, President and CEO Walter Kaczmarek said the company will look for additional M&A opportunities along San Francisco's East Bay.

Among notable movers, Popular Inc. increased 3.88% to $36.71, First BanCorp. climbed 4.49% to $5.35 and Opus Bank rose 3.46% to $28.40.

In economic news, U.S. initial claims for unemployment benefits increased by 20,000 to 245,000 for the week ending Dec. 16 from the previous week's unrevised level of 225,000, the U.S. Department of Labor said.

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