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Midday Friday: Stocks climb as Trump takes helm

U.S. bank and thrift stocks were trading higher during morning trading Friday, Jan. 20, amid the presidential inauguration. Donald Trump was sworn in as the 45th President of the United States around noon today.

The SNL U.S. Bank Index grew 0.92% to 525.68, and the SNL U.S. Thrift Index expanded 0.65% to 942.32 around midday. The broader markets also moved higher — the Dow Jones Industrial Average gained 0.45% to 19,821.56, the Nasdaq composite index was up 0.34% to 5,559.16 and the S&P 500 increased 0.40% to 2,272.66.

On the earnings front, a handful of large banking companies reported quarterly results earlier today.

Among them, SunTrust Banks Inc. gained 1.91% to $54.87 around midday, after the company reported fourth-quarter 2016 net income available to common shareholders of $448 million, or 90 cents per share. In comparison, it was $467 million, or 91 cents per share, a year ago.

Citizens Financial Group Inc. climbed 2.71% to $35.67 after the company reported fourth-quarter 2016 net income available to common stockholders of $282 million, or 55 cents per share. A year ago, it was $221 million, or 42 cents per share.

Regions Financial Corp. reported fourth-quarter 2016 net income available to common shareholders of $279 million, or 23 cents per share, compared to $269 million, or 21 cents per share, in the fourth quarter of 2015. The company shares were trading 0.04% lower at $13.98 around midday.

In other banking news, Carolina Financial Corp. jumped 3.03% to $29.22, after the Charleston, S.C.-based company price its underwritten offering of around 1,571,429 common shares at $28.00 per share for gross proceeds of approximately $44.0 million.

Among other notable movers, 1st Source Corp. jumped 7.64% to $47.05 and Preferred Bank hiked 7.70% to $53.30.

Among thrifts, New York Community Bancorp Inc. ticked up 0.54% to $15.77, and BofI Holding Inc. lost 0.40% to $27.27.

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