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Midday Monday: BofA climbs following earnings release

Bank and thrift stocks movedhigher in morning trading Monday, July 18. Around midday, the SNL U.S.Bank Index went up 0.24% to 399.65 and the SNL U.S. Thrift Index increased 0.19%to 804.27.

The broader markets were also in positive territory, with theDow Jones Industrial Average advancing 0.17% to 18,547.84, the S&P 500 climbing0.25% to 2,167.19 and the Nasdaq composite index rising 0.64% to 5,061.77.

Among large-cap banks, WellsFargo & Co. increased 1.06% to $48.22 and Citigroup Inc. ticked up 0.60% to $44.60. slipped 0.12% to$64.10.

Bank of America Corp.climbed 2.64% to $14.02 following the company's earnings release. BofA reportedsecond-quarter net incomeapplicable to common shareholders of $3.87 billion, or 36 cents per share, comparedto $4.80 billion, or 43 cents per share, in the year-ago period.

Horizon Bancorprose 3.82% to $27.32 amid news that the Michigan City, Ind.-based company has its acquisition of

Among notable movers, Hamilton, N.J.-based First Bank jumped 3.86% to $7.29 and Stillwater, Okla.-basedSouthwest Bancorp Inc.went up 1.71% to $18.17 in morning trading. Little Rock, Ark.-based decreased 1.77%to $39.44, and PacWest Bancorpdropped 1.70% to $40.52.

In the thrift space, Westbury, N.Y.-based New York Community Bancorp Inc. inched down 0.13% to $14.99;Lake Success, N.Y.-based Astoria FinancialCorp. slipped 0.07% to $15.22; and Cleveland-based slid 0.06% $17.92.San Diego-based BofI Holding Inc.ticked up 0.36% to $16.75.

In economic news, the National Association of Home Builders saidbuilder confidence inthe U.S. market for newly constructed single-family homes in July fell 1 point to59 from the June reading of 60 on the NAHB/Wells Fargo Housing Market Index.

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