Ahead of the Federal Open Market Committee's Wednesday statement,bank stocks rose Tuesday, April 26.
At the close of the trading day, the SNL U.S. Bank Index rose0.98% to 414.07 and the SNL U.S. Thrift Index went up 0.89% to 801.49.
Meanwhile, the broader markets finished the day mixed. The DowJones Industrial Average gained 0.07% to 17,990.32, the S&P 500 rose 0.19% to2,091.70 and the Nasdaq composite index fell 0.15% to 4,888.31.
Wells Fargo senior global equity strategist Scott Wren said thatwaiting for the Fed is "the excuse of the day." He pointed out that thecommittee may hint at the possibility of a rate hike in June, but he suspects thatscenario is unlikely.
"In reality, we've had a good bounce here, and we're consolidating,"he said. "Now we're biding our time and taking a little breather."
Wren pointed out that earnings have been disappointing, as expected.He said there may be surprises on an individual-company basis, but a broad surprisein either direction is improbable. Regarding thefinancial sector, Wren said that the macroeconomic environment is unlikely to favoran overweight position in financials for the "foreseeable future."
In economic news, homeprices in the U.S. rose slowly in February, according to S&P DowJones Indices and the S&P/Case-Shiller home price indexes. The national homeprice index, which covers all nine U.S. census divisions, made a 5.3% annual gainin February, which was unchanged from January's level.
Stonegate Banksigned a definitive agreementto acquire all of the operations of Davie, Fla.-based Regent Bancorp Inc. Stonegate Bank's stock rose 2.18% to$31.85 at the close of trading.
Among large-caps, CitigroupInc. rose 0.88% to $47.10, WellsFargo & Co. gained 0.81% to $50.92, JPMorgan Chase & Co. increased 0.52% to $63.93 and went up 0.87%to $15.09.
McKinney, Texas-based IndependentBank Group Inc. rose 9.66% to $35.43. On an earnings call Tuesday morning,Chairman and CEO David Brooks said the bank continues to have conversations withpotential sellers in markets where Independent plans growth.
Dubuque, Iowa-based HeartlandFinancial USA Inc.'s stock gained 8.45% to $34.00. The company net income available tocommon stockholders of $19.8 million, or 82 cents per share, for the first quarterof 2016. That compares to $15.5 million, or 76 cents per share, for the first quarterof 2015.
Among other notable movers, San Juan, Puerto Rico-based rose 5.95% to $3.74;Kansas City, Mo.-based UMB FinancialCorp. gained 3.40% to $54.70; and Norwich, N.Y.-based went up 2.47% to $28.62.Meanwhile, Seattle-based HomeStreetInc. fell 1.65% to $22.08 and Fresno, Calif.-based decreased3.28% to $12.37.
In thrifts, Westbury, N.Y.-based New York Community Bancorp Inc. gained 0.98% to $15.42 andSan Diego-based BofI Holding Inc.rose 3.83% to $19.51.
S&P Dow Jones Indicesand S&P Global Market Intelligence are owned by McGraw Hill Financial Inc. Marketprices and index values are current as of the time of publication and are subjectto change.