Banks Trade Sideways on Mixed Economic Data

NEW YORK (TheStreet) -- Capital One Financial (COF) and State Street (STT) of Boston were the winners among large-cap U.S. bank stocks on a lackluster Tuesday for the financial sector.

Shares of Capital One rose 0.6% to close at $70.88, while State Street was up 0.6% to close at $72.54.

The broad markets all ended higher, in contrast to KBW Bank Index (I:BKX), which was down 0.3% to 68.87, with 13 of the 24 index components showing declines, following a mixed batch of economic reports. 

The Conference Board said its Consumer Confidence index fell again in November as consumers expressed rising concern about job and earning prospects. The index had a reading of 70.4 down from 72.4 in October, after falling sharply from 80.2 in September. Economists polled by Thomson Reuters had expected the October index reading to come in at 72.9.

On a brighter note, the Department of Commerce on Tuesday reported that the number of building permits issued for privately owned homes rose to a seasonally adjusted annual rate of 1.034 million in October, which was a 6% increase from September. This was the highest rate for building permits since June 2008.

Looking at the raw figures, building permits grew to 974,000 units in September from 918,000 in August, led by multifamily building permits.

Also on Tuesday, the S&P Case-Shiller 20-City Composite Index showed a 1% in September from August, on a seasonally adjusted basis. Economists on average had expected a 0.9% increase, according to Bloomberg. The U.S. National Home Price Index was up 3.2% sequentially the third quarter and up 11.2% year-over-year, for its strongest gain since the U.S. housing market peaked during 2006.

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