Top Financial Stocks
Financial stocks were maintaining small gains this afternoon, including a 0.3% advance for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing 0.3%. The Philadelphia Housing Index was rising 1%.
Among financial stocks moving on news:
(+) Charles Schwab (SCHW) was 1.3% higher following reports the discount broker is planning to eliminate about 600 jobs, or roughly 3% of its total headcount. The job cuts will affect all employee grade-levels, a company spokeswomen told Reuters.
In other sector news:
(+) Franklin Resources (BEN) was narrowly higher this afternoon. The company reported a prelimiary 4.4% drop in assets under management during August compared with the year-ago period, falling to $690.6 billion.
(-) Mastercard (MA) declined fractionally Wednesday after the credit card issuer said it was teaming up with enterprise blockchain software firm R3 to develop a new blockchain-powered cross-border payments product. The new product will focus on linking global payments infrastructures and banks with a clearing and settlement network to be operated by the company, Mastercard said.
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