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Monday's Bank Stocks: Sliding after London attack, ratings downgrade


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Monday's Bank Stocks: Sliding after London attack, ratings downgrade

Markets oscillated Monday, June 5, as they recovered from the London terrorist attack over the weekend and fought the outsized influence of a technology company dragging down indexes.

The SNL U.S. Bank Index lost 0.02% to 515.72 and the SNL U.S. Thrift Index shrank 0.55% to 880.58. The Dow Jones Industrial Average slipped 0.10% to 21,184.04, the Nasdaq composite index dropped 0.16% to 6,295.68 and the S&P 500 declined 0.12% to 2,436.10.

Markets faced downward pressure throughout the day in part because Apple Inc.'s shares were downgraded by a brokerage firm. But the day also saw news that new orders for manufactured goods in the U.S. edged down 0.2% to $469.0 billion in April from the revised $469.9 billion in March, the U.S. Census Bureau reported June 5. This followed the 1.0% increase in new orders in March.

Investors seemed to largely shrug off a June 3 terrorist attack on the London Bridge after officials vowed to not be intimidated by the actions. London police said they have arrested 12 people in connection with the attack, while U.K. Prime Minister Theresa May vowed to step up the fight against terrorism and said the general election scheduled for June 8 will go on as planned. The attack is book-ended by a lower-than-expected jobs number for May and the upcoming June meeting of the Federal Open Market Committee.

JPMorgan Chase & Co. rose 0.18% to $82.79, Bank of America Corp. shrank 0.18% to $22.41, Wells Fargo & Co. lost 0.17% to $51.72 and Citigroup Inc. ticked up 0.23% to $61.25.

Among other price movers, IBERIABANK Corp. gained 1.48% to $78.75, Opus Bank rose 0.90% to $22.30 and First BanCorp. increased 3.82% to $5.44. Great Western Bancorp Inc. lost 1.31% to $37.01, Banc of California Inc. slid 0.94% to $21.10 and Sterling Bancorp declined 0.90% to $22.05.

In the thrift space, New York Community Bancorp Inc. improved 0.85% to $13.06 and FS Bancorp Inc. jumped 3.46% to $45.71. Charter Financial Corp. dropped 5.62% to $17.31 and SI Financial Group Inc. lost 4.06% to $15.35.

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