Top Financial Stocks
JPM +1.49%
BAC +1.11%
WFC +1.94%
C +1.29%
USB +0.98%
Financial stocks have ignited for big gains this afternoon, with the NYSE Financial Sector Index climbing nearly 0.8% while shares of financial companies in the S&P 500 Index were showing a nearly 1.7% advance. Elsewhere, the Philadelphia Housing Sector Index ( HGX ) was ahead more than 0.8% in recent trade.
In industry news:
The headline number for Decenber's Empire State Manufacturing Survey slipped to 18.0 from 19.4 during the prior month to reach its lowest level since July but still matching expert opinion. The new orders index and the shipments index also recorded strong gains, indicating business activity in New York state was continuing to grow at a solid clip, according to the New York Fed report.
Among financial stocks moving on news today:
+ Valley National Bancorp ( VLY ) shares climbed more than 2% on Friday after the bank holding company said it has now received all of the regulatory and shareholder approvals needed for its proposed acquisition of OTC-traded USAmeriBancorp to proceed. The deal is expected to close Jan. 1, with USAmeriBancorp shareholders receiving 6.1 Valley National shares for each share they now own.
In other sector news:
+ Private equity firm KKR & Co ( KKR ) bought for $8.04 billion - or EUR6.83 billion - Unilever's ( UL ) margarine and spreads business after several days of exclusive talks that followed KKR previously outbidding several other potential suitors.
+ Apollo Global Management ( APO ) is moderately higher on Friday after the buyout firm said it acquired metals reclamation company Phoenix Services from Olympus Partners and other existing shareholders for an undisclosed sum. Phoenix also collects the waste materials created during steel production for ArcelorMittal (MT), Nucor Corp (NUE) and U.S. Steel (X).
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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.
