trending Market Intelligence /marketintelligence/en/news-insights/trending/phvk-b3pkz1idtk4reryvg2 content esgSubNav
In This List

Thursday's Bank Stocks: Trump adjusts tariff plan; broader markets finish ahead

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Thursday's Bank Stocks: Trump adjusts tariff plan; broader markets finish ahead

Broader markets closed ahead of bank and thrift stocks Thursday, March 8, following news the Trump administration will initially exclude Canada and Mexico from aluminum and steel import tariffs.

Trump signed his proposed 25% tariff on U.S. global steel imports and 10% tariff on global aluminum imports. Both will go into effect March 23. According to an official, the exclusion of Canada and Mexico will give the two neighboring countries a chance to rework the North American Free Trade Agreement to Trump's liking.

The Dow Jones Industrial Average added 0.38% to 24,895.21, the S&P 500 rose 0.45% to 2,738.97 and the Nasdaq Composite Index increased 0.42% to 7,427.95.

The nation's largest banks made gains Thursday, as Bank of America Corp. ticked up 0.06% to $32.20, Citigroup Inc. rose 0.26% to $74.11, JPMorgan Chase & Co. added 0.01% to $114.74 and Wells Fargo & Co. increased 0.21% to $56.72.

Among notable movers, Live Oak Bancshares Inc. fell 4.46% to $26.75, Independent Bank Group Inc. declined 2.79% to $73.10 and Southside Bancshares Inc. lost 1.82% to $35.16.

In economic news, U.S. initial claims for unemployment benefits came in higher than expectations, increasing by 21,000 to 231,000 for the week ended March 3 from the previous week's unrevised level of 210,000. Unemployment claims dropped to a 49-year low in the week that ended Feb. 24.

S&P Dow Jones Indices, S&P Global Market Intelligence and S&P Capital IQ 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.