This Day On The Street
Continue to site
ADVERTISEMENT
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

Bank Stocks Lead on 'Government Restart Day'

The S&P 500 (SPX.X) ended with a gain of 0.7% and the NASDAQ Composite was up 0.6%, after the federal government resumed full operations on Thursday. The stock market had closed with strong gains on Wednesday, after Senate Majority Leader Harry Reid (D., Nev.) announced a compromise agreement with Senate Minority Leader Mitch McConnell (R., Ken.) to fully fund government operations and raise the federal debt limit. The Senate and the House of Representatives quickly passed the legislation Wednesday night.

President Obama quickly signed the legislation and said at the White House Wednesday night that "We can begin to lift this cloud of uncertainty and unease from our businesses and from the American people."

Earlier Wednesday night, Obama said "with the shutdown behind us and budget committees forming, we now have an opportunity to focus on a sensible budget that is responsible, that is fair, and that helps hardworking people all across this country."

"One of the things that I said throughout this process is we've got to get out of the habit of governing by crisis," the president said. "And my hope and expectation is everybody has learned that there is no reason why we can't work on the issues at hand, why we can't disagree between the parties while still being agreeable, and make sure that we're not inflicting harm on the American people when we do have disagreements."

The Department of Labor on Thursday said initial unemployment claims for the week ended Oct. 12 totaled 358,000, falling 15,000 from the previous week's 373,000. The four-week moving average for initial jobless claims was 336,500, increasing 11,750 from the previous week's revised average of 324.750.

The KBW Bank Index (I:BKX) on Thursday rose 0.9% to close at 65.28, with all but three of the 24 index components ending with gains.

More Bank Earnings

Third-quarter earnings for large banks, as expected, show a considerable decline in mortgage banking income, along with considerable declines in trading revenue for the largest players. On a brighter note, several regional lenders with footprints in the Midwest reported solid loan growth, including Huntington Bancshares (HBAN - Get Report), U.S. Bancorp (USB - Get Report) and KeyCorp (KEY - Get Report).

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
FITB $20.61 0.00%
HBAN $11.27 0.00%
GS $209.06 0.00%
KEY $14.95 0.00%
USB $43.86 0.00%

Markets

DOW 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs