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Tuesday's Bank Stocks: Markets mixed as liquidity drives shares

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Tuesday's Bank Stocks: Markets mixed as liquidity drives shares

The market was mixed Tuesday, July 19, as liquidity continuesto drive stocks, one industry observer said.

The SNL U.S. Bank Index increased 0.05% to 400.65 and the SNLU.S. Thrift Index fell 0.19% to 798.98. The Dow Jones Industrial Average increased0.14% to 18,559.01, while the S&P 500 decreased 0.14% to 2,163.78 and the Nasdaqcomposite index fell 0.38% to 5,036.37.

Among the bigger banks, JPMorganChase & Co. fell 0.16% to $63.86 and Wells Fargo & Co. ticked up 0.19% to $48.37. rose 1.06% to$14.26 and Citigroup Inc.dropped 0.49% to $44.35.

The market volatility that has followed Brexitis "more as a result of liquidity looking to find a home," said Doug Roberts,founder and chief investment strategist for ChannelCapitalResearch.com. While thereare long-term problems for the market, it is not yet a "real black swan event,"he added.

In economic news, the U.S. Census Bureau and the U.S. Departmentof Housing and Urban Development reportedthat the June housing start rate for privately owned units in the U.S. was 1,189,000,up 4.8% from the revised May rate of 1,135,000 but down 2.0% from the year-ago rate.

In earnings news, ComericaInc. increased 2.42% to $44.79 after the Dallas-based company second-quarter net incomeattributable to common shares of $103 million, or 58 cents per share, compared tothe year-ago period's $134 million, or 73 cents per share.

Birmingham, Ala.-based RegionsFinancial Corp. reportedsecond-quarter net income available to common shareholders of $259 million, or 20cents per share, compared to $269 million, or 20 cents per share, for the same periodin 2015. Its stock declined 3.06% to $8.88.

Columbus, Ga.-based SynovusFinancial Corp. rose 1.30% to $30.44 after it reported second-quarter net income available to common shareholdersof $57.9 million, or 46 cents per share, compared to $53.2 million, or 40 centsper share, in the year-ago period.

Among price leaders, Los Angeles-based Hanmi Financial Corp. jumped 2.36% to $24.68, and Gulfport,Miss.-based Hancock Holding Co.rose 1.70% to $28.10.

Meanwhile, Moline, Ill.-based QCR Holdings Inc. fell 2.28% to $27.89.

In thrifts, Westbury, N.Y.-based New York Community Bancorp Inc. was flat at $14.98, whileLake Success, N.Y.-based Astoria FinancialCorp. was also flat at $15.19.

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