NEW YORK ( TheStreet) -- Financial stocks stalled on Friday as investors prepared for the Federal Reserve's policy-setting meeting next week and and the upcoming mid-term elections.
The sector's stocks were also faltering on Friday as the foreclosure crisis continues.
The Financial Select Sector SPDR was mildly in the red, down 0.2% to $14. 55.
The big four U.S. banks seemed to be stuck in first gear on Friday. At last check, Bank of America (BAC) shares were falling 0.9% to $11.43; Citigroup (C) shares were marginally falling, while JPMorgan Chase (JPM) shares were marginally rising on Friday. Wells Fargo (WFC) shares were falling 0.7% to $25.76.Shares of Marshall & Ilsley (MI) were rising 2.2% to $5.96. Valley National Bank (VLY - Get Report), the New Jersey-based regional bank, saw its stock rise 1% to $13.34. Visa (V - Get Report) shares were rising 2.5% to $78.33, recouping losses from the prior day despite quarterly earnings growth of 50%, which the electronic payments network posted late Wednesday. Sun Bancorp (SNBC - Get Report) shares plunged 21% to $4 after the Vineland, N.J.-based bank said its quarterly loss was significantly worse than the year-earlier period. Sun Bancorp's quarterly net loss available to common shareholders was $75.3 million, or a loss of $3.14 a share, vs. a net loss available to common shareholders of $6.5 million, or 28 cents a share, for the third quarter of 2009. Sun Bancorp, which has $3.6 billion in assets, had previously said in September that Wilbur Ross' private equity firm, WL Ross & Co., the bank's founding Brown family shareholders and other investors had injected $106.7 million through an equity raise for the struggling bank. But Sun still had several other items that also negatively affected earnings, including a loan loss provision of $42.4 million that was more than double the provision for the comparable year-earlier period. Sun Bancorp also had an income tax provision of $28.8 million, which included a deferred tax valuation allowance of $49.9 million against its entire net deferred tax asset, among other charges. Other financial stock losers of the day included Capital One (COF), First Horizon (FHN) and Zions Bancorp (ZION). --Written by Laurie Kulikowski in New York.
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