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Thursday's Bank Stocks: Markets gain on positive data

Markets climbed Thursday, March 30, following data that showed further growth in the U.S. economy.

The SNL U.S. Bank Index was up 1.82% to 541.58, and the SNL U.S. Thrift Index increased 1.95% to 925.53. The Dow Jones Industrial Average increased 0.33% to 20,728.49, the Nasdaq composite index rose 0.28% to 5,914.34 and the S&P 500 expanded 0.29% to 2,368.06.

In economic news, real gross domestic product increased 2.1% in the fourth quarter of 2016, according to the Bureau of Economic Analysis' "third" estimate. In the third quarter of 2016, real GDP increased 3.5%.

The advance figure for seasonally adjusted initial jobless claims was 258,000 in the week ended March 25, a decrease of 3,000 from the previous week's unrevised level of 261,000, according to the U.S. Department of Labor.

Both those numbers helped push markets out of the gates, but investors soon returned to mulling the latest round of speeches from Federal Reserve governors to discern how many interest rate increases are planned for the year, said Frank Ingarra Jr., senior vice president and head trader at NorthCoast Asset Management LLC.

"The markets are just trying to digest all the news," he said. "It's probably looking like there will be a pullback in the short term, but we're not seeing anything that's telling us to run for the hills and we are pretty much fully invested everywhere."

JPMorgan Chase & Co. grew 0.86% to $89.03, Bank of America Corp. gained 2.23% to $23.87, Citigroup Inc. rose 1.89% to $60.51 and Wells Fargo & Co. expanded 1.02% to $56.24.

PrivateBancorp Inc. gained 4.98% to $59.00 after Canadian Imperial Bank of Commerce increased its offer to purchase the company. Toronto-based CIBC declined 2.97% to $85.31.

Synovus Financial Corp. is reportedly in talks to buy Cabela's Incorporated's banking operations, with plans to keep about $1 billion in deposits and resell the credit card portfolio to Capital One Financial Corp. Synovus added 3.87% to $41.38 and Capital One gained 2.91% to $87.14.

Scottdale, Pa.-based Scottdale Bank & Trust Co. jumped 139.13% to $1,100.00 after the bank agreed to be acquired by Millersburg, Pa.-based Mid Penn Bancorp Inc. in a stock-and-cash transaction worth approximately $59.1 million. Mid Penn declined 2.85% to $27.25.

Independent Bank Group Inc. rose 6.18% to $64.40, Central Valley Community Bancorp grew 5.42% to $20.41 and Green Bancorp Inc. gained 4.97% to $17.95. Mercantile Bank Corp. dropped 2.97% to $35.33, County Bancorp Inc. lost 3.62% to $29.05 and First Guaranty Bancshares Inc. shrank 2.46% to $23.35.

In the thrift space, SI Financial Group Inc. increased 4.80% to $14.20 and Provident Financial Services Inc. added 3.30% to $26.00.

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