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Midday Friday: Banks, broader markets in positive terrain

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Midday Friday: Banks, broader markets in positive terrain

After yesterday's losses, bank and thrift stocks posted gains inmorning trading Friday, April 8. Around midday, the SNL U.S. Bank Index went up1.73% to 374.45 and the SNL U.S. Thrift Index advanced 1.27% to 773.57.

The broader markets also moved higher, with the Dow JonesIndustrial Average advancing 0.56% to 17,640.03, the S&P 500 increasing0.62% to 2,054.57 and the Nasdaq composite index rising 0.40% to 4,867.81.

Among large-caps, JPMorganChase & Co. gained 1.71% to $58.28, added 1.04% to$47.42, Bank of AmericaCorp. climbed 1.79% to $13.07 and Citigroup Inc. increased 1.84% to $41.01 around midday.

PacificPremier Bancorp Inc. saw its stock dip 0.29% to $20.32 around noon.According to a preliminary proxy statement, the company is seeking shareholderapproval to amendits certificate of incorporation to increase the company's authorized commonshares to 100 million from 50 million.

Among notable movers, Houston-based gained 4.37% to$7.17; San Juan, Puerto Rico-based First BanCorp. advanced 5.88% to $2.70; McKinney,Texas-based Independent BankGroup Inc. rose 3.88% to $26.79; San Antonio-based went up 2.79%to $53.37; Gulfport, Miss.-based Hancock Holding Co. climbed 2.29% to $22.53; andNashville, Tenn.-based PinnacleFinancial Partners Inc. increased 2.13% to $49.15. Fort Lee,N.J.-based Bancorp of New JerseyInc., meanwhile, dropped 6.33% to $11.62 in morning trading.

In the thrift space, Westbury, N.Y.-based advanced1.38% to $15.10; San Diego-based BofI Holding Inc. added 2.78% to $21.23; Lake Success,N.Y.-based Astoria Financial Corp.ticked up 1.39% to $15.00; and Cleveland-based increased1.17% to $17.31.

In economic news, the U.S. Census Bureau reported thatFebruary 2016 sales of merchant wholesalers, except manufacturers' salesbranches and offices, after adjustment for seasonal variations and trading-daydifferences but not for price changes, were $427.6 billion, down 0.2% from therevised January level and down 3.1% from the February 2015 level.

Total inventories of merchant wholesalers, exceptmanufacturers' sales branches and offices, after adjustment for seasonalvariations but not for price changes, were $583.3 billion at the end ofFebruary, down 0.5% from the revised January level, but were up 0.6% from theFebruary 2015 level.

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