Bankand thrift stocks tumbled during trading Friday, April 29, as broader markets fellinto the red to close the week.
The SNLU.S. Bank Index fell 0.76% to 406.53, while the SNL U.S. Thrift Index lost 0.19%to 792.05
Broadermarkets opened lower and spent the day in negative territory before the close oftrading. Scott Brown, chief economist with Raymond James Financial, said investorsstill appear to be trying to get their arms around the FOMC's policy announcementearlier this week, as well as an unexpected decision by the Bank of Japan to notexpand its stimulus efforts at its own policy meeting April 28. "It was kindof a mixed bag from Fed policymakers. They had a softer tone on the domestic economicside, but then they downplayed the global risks. In fact they removed a phrase aboutglobal risk, which is what they did last year before they decided to raise ratesin December," Brown said.
The Bankof Japan decision may have given investors further pause as the week wore on, headded. "That could have been a catalyst to take some risk off the table,"Brown said.
In economicnews, the Bureau of Economic Analysis reported that personal income and disposablepersonal income increased 0.4% in March as consumer balance sheets continued toimprove. Personal consumption expenditures did not keep pace with those gains duringthe month, though, as they rose 0.1%.
The DowJones Industrial Average fell 0.32% to 17,773.64, while the S&P 500 decreased0.51% to 2,065.30. The Nasdaq composite index fell 0.62% to 4,775.36.
Large-capbanks stocks took part in the broader-market slump, as Bank of America Corp. lost 1.56% to $14.56, shed 0.85% to $49.98,Citigroup Inc. slid 0.96%to $46.28, and JPMorgan Chase &Co. closed at $63.20, down 0.63%.
was down 1.02% to $42.69on the day, and Capital One FinancialCorp. tumbled 1.34% to $72.39.
closed at $10.56, down 0.85% on the day. The bank reported first-quarter GAAP netincome available to common shareholders of $40.8 million, or 11 cents per shareon April 29, a day after it disclosed that it agreed to sell 18 of its branchesto Warren, Pa.-based Northwest BancsharesInc. to resolve antitrust concerns related to First Niagara's pendingmerger with KeyCorp.
fell 1.81% to$8.16 after the company announced it plans to exit the energy lending business.
In othereconomic news, the final April reading of the University of Michigan consumer sentimentindex was 89.0, down from 91.0 in March, Bloomberg News reported.
Amongthrifts, New York Community BancorpInc. traded 0.33% lower to $15.03, and TFS Financial Corp. (MHC) lost 0.72% to $17.90.
Market prices and index valuesare current as of the time of publication and are subject to change.