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Midday Wednesday: Bank stocks slip amid economic news

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Midday Wednesday: Bank stocks slip amid economic news

U.S. bank and thrift stocks retreated, while broader markets climbed, around noon Wednesday, Oct. 4.

The SNL U.S. Bank Index fell 0.20% to 578.29 and the SNL U.S. Thrift Index was down 0.16% to 943.31. The Dow Jones Industrial Average climbed 0.14% to 22,672.29, the S&P 500 added 0.08% to 2,536.61 and the Nasdaq Composite Index ticked up 0.05% to 6,534.89.

Wells Fargo & Co. was down 1.04% to $55.00. The company is planning to refund customers who were improperly charged for mortgage rate lock extensions from September 2013 through February.

JPMorgan Chase & Co. dropped 0.34% to $97.03, Bank of America Corp. slipped 0.12% to $25.83, while Citigroup Inc. increased 0.69% to $74.64.

Among notable price movers, PacWest Bancorp retreated 2.10% to $48.88.

In the thrift space, BofI Holding Inc. climbed 0.96% to $28.44.

In economic news, U.S. private-sector employment was up by 135,000 jobs in September from the previous month, according to the latest ADP National Employment Report.

Following a 0.5% drop in the week before, the U.S. mortgage applications again fell 0.4% on a seasonally adjusted basis for the week ended Sept. 29, according to the Mortgage Bankers Association.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.

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