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Midday Wednesday: Bank, thrift stocks flat ahead of FOMC minutes


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Midday Wednesday: Bank, thrift stocks flat ahead of FOMC minutes

U.S. bank and thrift stocks were trading flat around midday Wednesday, April 5, ahead of the Federal Open Market Committee minutes.

The SNL U.S. Bank Index fell 0.03% to 532.04, and the SNL U.S. Thrift Index decreased 0.37% to 909.62. The Dow Jones Industrial Average was up 0.61% to 20,816.16, the Nasdaq composite index was up 0.35% to 5,919.77, and the S&P 500 climbed 0.50% to 2,371.94.

In economic news, private-sector employment increased by 263,000 jobs in March, according to the latest ADP National Employment Report. Small businesses reported the highest increase in the month, adding 118,000 jobs. Medium-sized businesses added 100,000 jobs and large businesses added 45,000 jobs.

Mortgage applications dropped 1.6% week over week on a seasonally adjusted basis for the week ended March 31, the Mortgage Bankers Association reported, citing its latest weekly mortgage application survey. On an unadjusted basis, the market composite index, which measures mortgage loan application volume, dropped 1% compared to the previous week.

Among the nation's largest banks, JPMorgan Chase & Co. advanced 0.21% to $87.49, Bank of America Corp. gained 0.13% to $23.47, Wells Fargo & Co. increased 0.56% to $55.51, and Citigroup Inc. increased 0.86% to $60.19.

Among price movers around midday, Marlin Business Services Corp. gained 3.24% to $25.50, and Farmers Capital Bank Corp. rose 2.18% to $39.85, while Veritex Holdings Inc. slid 1.74% to $27.11.

In the thrift space, Blue Hills Bancorp Inc. gained 1.25% to $18.23, while New York Community Bancorp Inc. dipped 0.65% to $13.67, and BofI Holding Inc. shed 0.16% to $24.67.

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