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Tuesday's Bank Stocks: Sector joins broader markets in slight decline


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Tuesday's Bank Stocks: Sector joins broader markets in slight decline

Bank stocks dropped slightly Dec. 26, joining the broader market indexes in closing lower after a light news day.

The SNL U.S. Bank Index retreated 0.65% to 621.43, while the SNL U.S. Thrift Index declined 0.35% to finish at 945.48.

Meanwhile, the S&P 500 lost 0.11% to close at 2,680.50, the Dow Jones Industrial Average shed 0.03% to 24,746.21 and the Nasdaq Composite Index closed down 0.34% to end the day at 6,936.25.

Among the Big Four, JPMorgan Chase & Co. slipped 0.40% to $107.02, Citigroup Inc. lost 0.94% to close at $74.78, Wells Fargo & Co. slumped 0.68% to $61.13, and Bank of America Corp. shed 0.33% to $29.78.

Capital One Financial Corp. fell 0.58% to finish the day at $99.92. Over the weekend, the company resubmitted its capital plans after the Federal Reserve had found "material weaknesses" in its prior one. The McLean, Va.-based bank reduced its buyback plan to up to $1.0 billion for the remainder of the 2017 Comprehensive Capital Analysis and Review period, down from $1.85 billion, because of the short-term effects of the new tax law.

BofI Holding Inc. was among the companies with significant gains, rising 2.31% to end the day at $29.71. Others saw notable declines, with SVB Financial Group shedding 2.29% to finish at $236.17 and Pinnacle Financial Partners Inc. seeing a 2.19% decline to close at $67.05.

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