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Tuesday's Bank Stocks: Markets gain, but banks slide


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Tuesday's Bank Stocks: Markets gain, but banks slide

Bank stocks slid during trading April 4, despite broader gains and a promise from President Donald Trump to target regulations in the Dodd-Frank Act.

The SNL U.S. Bank Index was down 0.29% to 532.19, while the SNL U.S. Thrift Index rose 0.07% to 913.03.

Bank shares were uneven during the day, despite Trump's promise during the day to give Dodd-Frank Act regulations "a very major haircut." Trump's comments came during a town-hall style summit with CEOs of major companies, including a number of top bank executives. Trump also said that he would look to implement a quicker permit process for major infrastructure projects as part of a large infrastructure plan he has promised but has yet to unveil.

Among the industry's biggest domestic banks, Wells Fargo & Co. shed 0.52% to $55.20, Bank of America Corp. shares fell 0.64% to $23.44 and U.S. Bancorp closed at $51.46, down 0.17%.

JPMorgan Chase & Co. was a long gainer among the biggest banks, adding 0.33% to $87.31. Citigroup Inc. shares were unchanged at $59.68 by the close of trading.

In other major financial news, Federal Reserve Bank of Richmond President Jeffrey Lacker announced that he was resigning from the bank immediately, and admitted in a statement that he had a role in a 2012 leak of confidential Federal Open Market Committee information.

Broader markets closed the day with gains after Trump's renewed promise to reduce regulation, and after factory order data was reported in line with projections, according to BMO Wealth Management Executive Vice President and Chief Investment Officer Jack Ablin. He added that economic releases in recent weeks "still demonstrate that the U.S. economy is continuing to make incremental progress and there's been some positive data globally as well."

The Dow Jones Industrial Average rose 0.19% to 20,689.24, the Nasdaq composite index edged up 0.07% to 5,898.61, and the S&P 500 advanced 0.06% to 2,360.16.

He added that "things were supportive today for a higher close," during the day's session. Despite choppier trading in recent weeks as investors pull back on expectations for how much new business-friendly policy Trump can push through in Washington, Ablin said that the market could begin an upward climb again during the upcoming earnings season if companies report results in line with sharply higher profit estimates.

Among thrifts, New York Community Bancorp Inc. fell 0.72% to $13.76.

In other economic news, CoreLogic said U.S. home prices rose 7% year-over-year during February, and were up about 1% over January.

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