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Midday Monday: Banks begin week in positive territory

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Midday Monday: Banks begin week in positive territory

AfterFriday's negativeclose, bank and thrift stocks moved higher in morning tradingMonday, Oct. 10. Around midday, the SNL U.S. Bank Index rose 0.95% to 427.85, andthe SNL U.S. Thrift Index grew 0.59% to 829.83.

The broadermarkets were also up, with the Dow Jones Industrial Average advancing 0.78% to18,382.15, the S&P 500 increasing 0.67% to 2,168.19 and the Nasdaqcomposite index climbing 0.81% to 5,335.12.

Thenation's biggest banks were trading higher, with increasing1.02% to $68.81 and Bank of AmericaCorp. rising 1.21% to $16.33.

gained0.69% to $45.65 around midday. In the latest news connected to the bank'sunauthorized accounts scandal, a group of religiously affiliated investors havefiled a shareholderresolution asking the bank to disclose the scandal's root causes in areport, according to Reuters.

Meanwhile,11 Senate Democrats — led by Richard Blumenthal, Jack Reed and Sherrod Brown—wrote to Chairman and CEO John Stumpf on Friday, calling on the bank to"step up" compliance with the Servicemembers Civil Relief Act.

rose 0.95% to$49.75 around midday. The company is selling its toLa Plata, Argentina-based BancoSantander Río SA and its Brazilian retail business to .

Amongthrifts, New York CommunityBancorp Inc. was up 0.57% to $14.09, rose 0.56% to$14.45, TFS Financial Corp.(MHC) increased 0.47% to $17.99, and climbed 0.75% to$22.83.

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