Top Financial Stocks
JPM +0.06%
BAC +0.31%
WFC +0.24%
C -0.94%
USB -0.42%
Financial stocks were losing ground in recent trading, with the NYSE Financial Sector Index falling almost 0.1% while financial companies in the S&P 500 Index were declining over 0.3%. Elsewhere, the Philadelphia Housing Sector Index ( HGX ) was rising more than 0.2% while the Labor Department this morning reported a 11,000 decline in initial jobless claims from the prior week, with 225,000 individuals applying for unemployment insurance benefits for the first time.
In other economic news,
US business inventories dipped 0.1% during October while sales grew 0.6%, matching expectations. The flat September inventory print remained steady but the initial 1.4% sales gain was revised to 1.6%. Retailer inventories returned unchanged in October following a 0.9% September decline.
Among financial stocks moving on news Thursday:
+ Siebert Financial ( SIEB ) more than doubled in price on Thursday, racing over 119% higher to a best-ever $11.33 a share, after the discount broker announced a partnership with online retailer Overstock.com ( OSTK ) to offer deeply discounted online trading services starting early in 2018. Online trades made through the Siebert portal will be $2.99 each, although Overstock will also add a new tier to its Club O loyalty rewards program allowing Elite members to make $1.99 trades.
In other sector news:
+ Payments processor Vantiv ( VNTV ) rose after analysts at Jefferies & Co. raised their investment recommendation for the company's stock to Buy from Hold.
+ Two Rivers Bancorp ( TRCB ) was higher after Thursday morning authorizing a new stock buyback program for up to $2 million of its shares.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
