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Midday Friday: Sector buoyant as September ends

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Midday Friday: Sector buoyant as September ends

Bank and thrift stocks were buoyant in morning tradingFriday, Sept. 30, along with broader markets. Around midday, the SNL U.S. BankIndex increased 1.74% to 414.35 and the SNL U.S. Thrift Index was up 1.06% to828.35.

The broader markets also moved higher, with the Dow JonesIndustrial Average increasing 1.02% to 18,328.36, the S&P 500 advancing0.85% to 2,169.44 and the Nasdaq composite index gaining 0.82% to 5,312.64.

Among large-cap banks, Wells Fargo & Co. was up 0.62% to $44.65, ticked up1.71% to $66.77, Bank of AmericaCorp. climbed 3.10% to $15.63 and Citigroup Inc. advanced 3.19% to $47.26.

The BancorpInc. shareholders approved the conversion of 40,000 shares of thecompany's preferred stock into common stock. The company saw its stock gain1.43% to $6.40 around noon.

Among notable movers, Santa Clara, Calif.-based gained 2.89%to $110.41, and San Antonio-based Cullen/Frost Bankers Inc. advanced 3.06% to $71.76.

Among thrifts, Westbury, N.Y.-based increased 1.49% to $14.31; Lake Success, N.Y.-based gained 1.70% to$14.66; San Diego-based BofIHolding Inc. jumped 1.60% to $22.56, while Cleveland-basedTFS Financial Corp.(MHC) hiked 0.85% to $17.88 around midday.

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