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.
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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.
