Bank and thrift stocks continued to climb in morning trading Wednesday, April13. Around midday, the SNL U.S. Bank Index jumped 2.74% to 389.14 and the SNLU.S. Thrift Index rose 1.15% to 787.71.
The Dow Jones Industrial Average advanced 0.68% to17,841.10, the S&P 500 increased 0.64% to 2,074.95 and the Nasdaq compositeindex went up 1.13% to 4,927.37.
The Federal Reserve and the FDIC have determined that the2015 resolution plansof Bank of AmericaCorp., Bank of NewYork Mellon Corp., JPMorgan Chase & Co., and were "notcredible or would not facilitate an orderly resolution under the U.S.Bankruptcy Code."
CitigroupInc.'s resolutionplan was found to have shortcomings that the company must address,but neither regulator found the plan to be "not credible."
Around midday, BofA gained 3.28% to $13.71, BNY Mellonclimbed 3.03% to $37.22, State Street increased 2.44% to $58.89, Wells Fargoadded 1.38% to $48.43 and Citi went up 4.51% to $43.79.
JPMorgan rose 3.80% to $61.53. The company on April 13reported first-quarter netincome applicable to common stockholders of $4.99 billion, or $1.35per share, compared to $5.45 billion, or $1.45 per share, for the same periodin 2015.
Among notable movers, New Orleans-based jumped9.04% to $21.17; Texas CapitalBancshares Inc. climbed 7.35% to $40.56; Gulfport, Miss.-basedHancock Holding Co.rose 6.27% to $24.75; and Santa Clara, Calif.-based SVB Financial Group went up 5.91% to $108.38. Fort Lee,N.J.-based Bancorp of New JerseyInc., meanwhile, fell 1.32% to $11.18 in morning trading.
In the thrift space, Westbury, N.Y.-based tickedup 1.77% to $15.42; San Diego-based BofI Holding Inc. advanced 8.53% to $23.92; LakeSuccess, N.Y.-based AstoriaFinancial Corp. rose 1.93% to $15.34; and Cleveland-basedTFS Financial Corp.(MHC) increased 2.02% to $17.69.
In economic news, mortgage applications in the week ended April 8 climbed10% from the previous week on a seasonally adjusted basis, the Mortgage BankersAssociation reported April 13, citing the results of its weekly mortgageapplications survey. On an unadjusted basis, the market composite index, whichmeasures mortgage loan application volume, also increased 10% week over week.
Market prices andindex values are current as of the time of publication and are subject tochange.