NEW YORK (TheStreet) -- Bank stocks gained a bit more steam on Thursday following an increase in estimated second-quarter GDP growth and better-than-expected unemployment numbers.
Morgan Stanley (MS) was the clear winner among major financial players, with shares rising 1.3% to close at $25.91.
The KBW Bank Index (I:BKX) rose 0.2% to close at 62.59 with all but seven of the 24 index components up for the session. Large banks seeing shares rise close to 1% included State Street of Boston (STT), which closed at $67.22; KeyCorp (KEY) of Cleveland, closing at $11.79; and Zions Bancorporation (ZION) of Salt Lake City, which closed at $28.35.
The Dow Jones Industrial Average
Another Banner QuarterThe Federal Deposit Insurance Corp. reported that the U.S. banking industry earned a record $42.2 billion during the second quarter, increasing from $40.3 billion in the first quarter and $34.4 billion during the second quarter of 2012. The industry's net interest income declined to $103.7 billion during the second quarter from $104.0 billion the previous quarter and $105.4 billion a year earlier. The industry's second-quarter net interest margin was 3.26%, declining from 3.27% in the second quarter and 3.46% a year earlier.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV