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Midday Wednesday: Banks move lower amid latest jobs data


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Midday Wednesday: Banks move lower amid latest jobs data

After closing in negative territory , bank and thrift stocks movedlower in morning trading Wednesday, May 4, amid the latest economic reports.Around midday, the SNL U.S. Bank Index slipped 2.13%to 393.76 and the SNL U.S. Thrift Index slid 1.14% to776.89.

The Dow Jones Industrial Averageshed 0.48% to 17,665.20, the S&P 500 retreated0.58% to 2,051.40 and the Nasdaq composite index decreased0.68% to 4,731.01.

In economic news, private sector employmentincreased by 156,000jobs in April, according to the ADP National Employment Report.Small businesses recorded the largest increases in April, adding 93,000employees. Medium businesses added 39,000 jobs and large businesses added24,000 jobs in the month.

Mortgage applications fell 3.4% in the week ended April 29 compared to theprevious week on a seasonally adjusted basis, the Mortgage Bankers Associationreported. The market composite index, which measures mortgage loan applicationvolume, dropped 3% week over week on an unadjusted basis.

In banking news, JPMorgan Chase & Co., andBank of America Corp.are among the seven global banks that reached a in a private U.S. lawsuitthat alleged that they manipulated interest rate benchmark ISDAfix from 2009 to2012, Reuters reported May 3.

Around midday, JPMorgan dropped 1.49% to $61.63, Citifell 2.55% to $44.41 and BofA declined 2.23% to $14.04. ,which is among the remaining defendants in the lawsuit, saw itsstock shed 1.59% to $48.83.

ComericaInc. fell 3.11% to $42.02 in morning trading Wednesday. Comericadisclosed yesterday that David Duprey has been named of the company and , succeeding KarenParkhill, who resigned from the post effective May 3.

On the M&A front, Short Hills, N.J.-basedInvestors BancorpInc. has signed a $154 million deal to purchase Princeton, N.J.-basedBank of Princeton forstock and cash. Investors Bancorp was trading at$11.34 around midday, down 0.83% from the previous close.

Wheeling, W.Va.-based , meanwhile, agreed toacquire New Albany, Ind.-based Your Community Bankshares Inc. in a cash-and-stock dealvalued at about $39.05 per share, or $221.0 million. WesBancoinched down 0.88% to $31.52 around midday, while Your Community Banksharesjumped 10.16% to $37.18.

Among other notable movers, Green Bay, Wis.-basedNicolet BanksharesInc. fell 4.81% to $42.92 and New Orleans-based dropped5.90% to $19.47. Irvine, Calif.-based Banc of California Inc., meanwhile, rose 1.86% to $20.24.

In the thrift space, New York Community Bancorp Inc.shed 1.61% to $14.36 and TFSFinancial Corp. (MHC) retreated 0.66% to$18.05.

Marketprices and index values are current as of the time of publication and aresubject to change.