NEW YORK (TheStreet) -- Stocks of large-cap U.S. banks ended the week on a strong note, despite a negative reaction in the broad market as good news out of the Ukraine was outweighed by another set of disappointing housing numbers at home.
The broad indices all ended with moderate losses, although investors earlier cheered an agreement announced by the office of Ukraine President Viktor Yanukovych following negotiations with protest leaders, which includes various concessions to the protesters. These include early elections and the release from prison of former prime minister Yulia Tymoshenko.
The KBW Bank index (I:BKX) rose 0.4% to 67.87, with all but three of the 24 component stocks ending with gains. Huntington Bancshares (HBAN) was the winner among large-cap banks, with shares up 1.8% to close at $9.11.
The National Association of Realtors on Friday said sales of existing single-family homes in the United States fell by 5.1% during January to a seasonally adjusted annual rate of 4.62 million, from December's sales pace of 4.87 million. The January figure fell short of consensus estimate of 4.69 million among economists polled by Thomson Reuters, and was also the lowest figure for existing home sales since July 2012.
As expected, the unusually severe winter weather had an effect on home sales, according to NAR chief economist Lawrence Yun. "Some housing activity will be delayed until spring. At the same time, we can't ignore the ongoing headwinds of tight credit, limited inventory, higher prices and higher mortgage interest rates. These issues will hinder home sales activity until the positive factors of job growth and new supply from higher housing starts begin to make an impac," Yun said in the NAR press release.