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Midday Tuesday: Banks move higher

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Midday Tuesday: Banks move higher

Bank and thrift stocks climbed out of in morning tradingTuesday, May 10. Around midday, the SNL U.S. Bank Index went up 1.39% to 398.37and the SNL U.S. Thrift Index gained 0.67% to 784.78.

The broader markets also moved higher, with the Dow JonesIndustrial Average advancing 0.91% to 17,866.71, the S&P 500 increasing0.81% to 2,075.44 and the Nasdaq composite index rising 0.66% to 4,781.45.

In economic news, the U.S. Bureau of Labor Statisticsreported that the number of job openings was little changed at 5.8 million onthe last business day of March. Hires decreased to 5.3 million, whileseparations were little changed at 5.0 million.Within separations, the quits rate was 2.1% and the layoffs and discharges ratewas 1.2%.

CoreLogic reported that foreclosure inventory in the U.S. was down23.2% year over year in March, while completed foreclosures fell 14.9%,compared to the year-ago period. Completed foreclosures amounted to 36,000 inMarch, compared to 42,000 in the year-ago period, reflecting a 69.7% drop fromthe peak of 117,782 completions in September 2010.

Against this backdrop, JPMorgan Chase & Co. gained 1.35% to $62.04,Wells Fargo & Co.increased 0.82% to $49.28, Bank ofAmerica Corp. rose 1.95% to $14.26 and Citigroup Inc. added 1.66% to $44.62.

Bank of NewYork Mellon Corp., which recently an automatic shelf registrationstatement to offer and sell 10 million of its common shares from time to time,saw its stock rise 1.63% to $40.00 around midday.

Among notable movers, Olympia, Wash.-based gained 3.81%to $17.71 and Wyomissing, Pa.-based Customers Bancorp Inc. jumped 6.20% to $26.22.Dallas-based Triumph BancorpInc., meanwhile, dropped 1.44% to $15.07.

In the thrift space, Westbury, N.Y.-based increased 1.37% to $14.85, Cleveland-based TFS Financial Corp. (MHC) ticked up 1.05% to $18.31 andLake Success, N.Y.-based AstoriaFinancial Corp. added 1.42% to $15.04. San Diego-based declined 1.62%to $18.23.

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