Sector Update: Financial
Financial stocks were declining with the NYSE Financial Sector Index falling 2.5% and the S&P Financial 100 Index sliding 2.5%.
In company news, CNB Financial Corporation Inc ( CCNE ) closed 0.1% at $16.04 a share, giving back earlier gains after Boenning & Scattergood upgraded the stock to Outperform from Neutral. The broker kept its target price on the financial holding company at $19.50.
CCNE has as 52-week range $15.50 - $21.04.
In other sector news,
(+) CYS, Lower-than-expected Institute of Supply Management manufacturing index reading for last month seen pushing interest rates lower, aiding mortgage real estate investment trusts. Also higher today were NLY, WMC and CMO.
(-) ONB, Reports Q4 earnings of $0.25 per share, in-line with the Capital IQ consensus. Net income for the quarter was $24.5 million, up 6.7% over the same quarter last year.