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Midday Wednesday: Banks, broader markets move higher


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Midday Wednesday: Banks, broader markets move higher

After yesterday's losses, bank and thrift stocks moved higher inmorning trading Wednesday, April 6. Around midday, the SNL U.S. Bank Index climbed0.41% to 376.81 and the SNL U.S. Thrift Index advanced 0.32% to 776.76.

The broader markets were also in positive terrain, with theDow Jones Industrial Average advancing 0.36% to 17,667.56, the S&P 500increasing 0.58% to 2,057.02 and the Nasdaq composite index rising 0.88% to4,886.37.

In economic news, mortgage applications in the week ended April 1 rose2.7% from one week earlier on a seasonally adjusted basis, the Mortgage BankersAssociation reported April 6, citing the results of its weekly mortgageapplications survey. On an unadjusted basis, the market compositeindex, which measures mortgage loan application volume, climbed 3% week overweek.

Against this backdrop, JPMorgan Chase & Co. increased 0.45% to $58.62,Wells Fargo & Co.went up 0.84% to $47.91, Bank ofAmerica Corp. increased 0.49% to $13.26 and advanced 0.53% to $41.73.

Dallas-based Texas Capital Bancshares Inc. climbed 2.48% to $36.62and Camden, Maine-based CamdenNational Corp. went up 2.22% to $41.90 in morning tradingWednesday.

Among thrifts, Westbury, N.Y.-based rose0.42% to $15.42, San Diego-based BofI Holding Inc. advanced 0.80% to $21.37, LakeSuccess, N.Y.-based AstoriaFinancial Corp. ticked up 0.79% to $15.33 and Cleveland-basedTFS Financial Corp.(MHC) increased 0.32% to $17.17.

Wilmington, Del.-based WSFS Financial Corp. rose 0.60% to $32.70 in morningtrading. The company said April 5 that it has secured all the requiredapprovals needed inits pending acquisition of Wayne, Pa.-based Penn Liberty Financial Corp.

Market prices andindex values are current as of the time of publication and are subject tochange.