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FRC

Financial Sector Update for 12/28/2018: FRC,SCG,JPM,HOPE

Top Financial Stocks

JPM +0.45%

BAC +1.07%

WFC +1.49%

C +0.69%

USB +0.29%

Financial stocks were mostly higher, including a 0.4% gain for the NYSE Financial Index, while shares of financial companies in the S&P 500 were climbing 0.5%. The Philadelphia Housing Index was falling 0.7%.

Among financial stocks moving on news:

(+) First Republic Bank ( FRC ) climbed 6% on Friday after the bank holding company was selected to replace Scana ( SCG ) in the S&P 500 index, effective with the start of regular-session trading on Wednesday, Jan. 2.

In other sector news:

(+) JP Morgan Chase ( JPM ) rose almost 1% this afternoon. The Hong Kong Monetary Authority Friday slapped JPMorgan's local unit with a HKD12.5 million ($1.6 million) fine for breaching anti-money laundering and counter-terrorist financing rules.

(+) Hope Bancorp ( HOPE ) was narrowly higher Friday after the bank holding company said it expects to take a $1.7 million pre-tax charge against its Q4 earnings following its decision to close six branch offices. The cost-reduction program is expected to save the company about $1.9 million per year. Separately, Wedbush Friday lowered its price target for Hope shares by $1 to $12 each and reiterated its neutral rating on the stock.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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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.

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