This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Banks Rock for Third Straight Session: Financial Winners

Stocks in this article: USB CMA PNC FNFG KEY ZION I:BKX

NEW YORK ( TheStreet) -- Bank stocks were strong again on Thursday, following several economic reports underscoring continued job-market improvement in the U.S.

The KBW Bank Index (I:BKX) rose 0.7% to close at 63.4 for its third-straight gain, with all but two of the index components rising for the session.

Big banks showing gains of over 1.5% included U.S. Bancorp (USB) of Minneapolis, which closed at $36.70; Comerica (CMA) of Dallas, closing at $41.69; and Zions Bancorporation (ZION) of Salt Lake City, with shares closing at $28.93.. Large players showing gains of over 1% included First Niagara Financial Group (FNFG) of Buffalo, N.Y., closing at $10.14; KeyCorp (KEY) of Cleveland, at $11.84; and PNC Financial Services Group (PNC) of Pittsburgh, at $73.35.

The banks led the overall market, with the broad indices ending with slight gains after Automatic Data Processing said the U.S. economy added 176,000 private sector jobs during August, on a seasonally adjusted basis, following a higher growth number of 198,000 in July. The July number was revised slightly downward from 200,000. The payroll processor's job-growth estimates are derived from its payroll numbers.

While the ADP number for August missed the consensus estimate of 200,000 among economists polled by Thomson Reuters, national unemployment claims came in lower than expected.

The Labor Department said first-time jobless claims for the week ended Aug. 31 declined to 323,000 from an upwardly revised 332,000 the previous week. Economists had expected new unemployment claims last week to come in at 330,000. The four-week average for unemployment claims was 328,500, declining from the previous week's average of 331,500, to its lowest level since October 2007.

The Institute for Supply Management said its non-manufacturing employment index was up 3.8% to 57%, indicating employment growth for the 13th consecutive month as service-sector employment continued growing at a faster rate than manufacturing employment. An index reading above 50% indicates expansion. The ISM non-manufacturing index rose to 58.6% in August from 56% in July. Economists had expected the non-manufacturing index to decline to 55%.

Next up is the official set of employment numbers for August, which the Labor Department will release on Friday. The national unemployment rate for July was 7.4%, declining from 7.6% the previous month. Economists expect no change in unemployment rate for August.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs