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Midday Friday: Bank stocks slip on downbeat jobs report


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Midday Friday: Bank stocks slip on downbeat jobs report

At midday, the SNL U.S. Bank Index and U.S. Thrift Index slipped by 0.08% to 581.68 and by 0.06% to 943.74, respectively.

The Dow Jones Industrial Average Index declined 0.06% to 22,760.67 and the Nasdaq Composite Index fell by 0.09% to 6,579.31. The S&P 500 was down by 0.23% to 2,546.27.

U.S. nonfarm payroll employment decreased by 33,000 in September, and the unemployment rate declined to 4.2% from 4.4% in the previous month, the U.S. Department of Labor said. Analysts expected an increase of 100,000 jobs in the month, according to a consensus forecast from Econoday.

The morning's news also included a Census Bureau report showing wholesale inventories increased 4.5% in August from a year ago.

The largest banks' stocks were down. JPMorgan Chase & Co.'s dipped by 0.24% to $96.86 and Citigroup Inc.'s by 0.42% to $75.40. Wells Fargo & Co.'s slipped by 0.29% to $55.24 and Bank of America Corp.'s decreased 0.21% to $26.08.

Dallas-based Triumph Bancorp Inc.'s stock price fell 3.42% to $31.10, after a downgrade to "neutral" by Piper Jaffray's Brett Rabatin.

In Louisiana, privately held Business First Bancshares Inc. is acquiring Minden Bancorp Inc. Minden is listed on the OTC Pink; its price as of 8 a.m. ET was $31 per share.

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