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Midday Thursday: First NBC continues to fall

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Midday Thursday: First NBC continues to fall

U.S. bank and thrift stocks were trading lower, along with the major indexes, around midday Thursday, Feb. 2.

The SNL U.S. Bank Index dipped 0.91% to 525.55, and the SNL U.S. Thrift Index retreated 0.89% to 923.46. The Dow Jones Industrial Average was down 0.21% to 19,850.03, the S&P 500 slipped 0.14% to 2,276.47 and the Nasdaq composite index declined 0.25% to 5,628.69.

In economic news, the week ended Jan. 28 saw a decrease in unemployment insurance claims, with the advance figure for seasonally adjusted initial jobless claims hitting 246,000, according to the U.S. Labor Department. The previous week's revised level was 260,000. The four-week moving average was 248,000, compared to the previous period's revised level of 245,750.

Elsewhere, Challenger Gray & Christmas Inc. reported that U.S. employers announced plans to shed 45,934 workers from their payrolls in January, up 37% from 33,627 planned layoffs in December 2016, according to their recent job-cut report. The job cuts were dominated by the retail sector, which has been affected by the shift toward online shopping.

New Orleans-based First NBC Bank Holding Co. continued to drop, as it traded 9.74% lower to $3.47 around midday. First NBC Bank reported a net loss in its call report filed Jan. 30, including other line items showing credit and financial difficulties. The holding company's stock has plummeted since closing at $5.95 on Jan. 30.

Among the nation's largest banks, Bank of America Corp. was down 1.31% to $22.60, Citigroup Inc. dipped 0.31% to $55.71, JPMorgan Chase & Co. declined 0.67% to $84.38, and Wells Fargo & Co. decreased 0.64% to $55.55.

In the thrift space, Westbury, N.Y.-based New York Community Bancorp Inc. retreated 0.77% to $14.86, and BofI Holding Inc. fell 4.77% to $28.33.

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