Top Financial Stocks
Financial stocks were higher in recent trading, including a nearly 1.0% gain for the NYSE Financial Sector Index while shares of financial companies in the S&P 500 Index were climbing just under 1.0%. Elsewhere, the Philadelphia Housing Sector Index ( HGX ) was hanging on to a 1.1% rise.
In industry news: San Francisco Federal Reserve President John Williams Friday said he is expecting the Federal Open Markets Committee to stay on its current course of regular interest-rate increases over the next two years provided the US economy continues to perform well. "We're ending the year with some very good momentum going into 2018," Williams told the Wall Street Journal late last week. "We are operating on all cylinders, which is, I think, a positive sign in terms of the sustainability of the expansion," later adding he sees "something like three rate increases next year, and two or three increases in 2019."
Among financial stocks moving on news:
+ Total System Services ( TSS ) climbed to a record high on Monday, topping out at a best-ever $79.31 a share, after the electronic payments company announced a deal to acquire payments technology company Cayan for $1.05 billion in cash. Total is expecting the transaction will "modestly" boost its revenue growth and its adjusted per-share earnings during the first full year after closing.
In other sector news:
+ Commerce Union Bancshares ( CUBN ) was fractionally higher Monday afternoon after the bank holding company said it has selected Alan Mims as its new chief credit officer of its Reliant Bank unit, effective Jan. 1. Mims currently is chief risk officer at the company. He joined Relian in April and will take over for Gene Whittle, who is scheduled to retire as chief credit officer at the end of the year.
+ The Bank of Hawaii ( BOH ) gained after Compass Point raised its investment rating for the bank holding company's stock to Buy from Neutral.
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