Big Banks Dip Despite Rising Home Sales (Volcker Update)
Find out if (BAC) is in Cramer's Portfolio.
NEW YORK (TheStreet) -- Many large-cap bank stocks pulled back on Monday,
despite some good economic news.
PNC Financial Services Group (PNC_) led the sector down, with shares sliding
0.9% to close at $77.51. Bank of America (BAC_) was down 0.8% to close at $15.54 and Morgan Stanley (MS_) was down 0.7% to close at $30.85.
The broad indices ended mixed, with one more day to cap off the best year for the
S&P 500 since 1997. The index was down very slightly on Monday and has risen
29% this year, following a 13% gain during 2012.
The KBW Bank Index (I:BKX) on Monday pulled back 0.2% to 68.97, with the 24
index components split between winners and losers. But the banks are looking at
another banner year, with the index rising 34%, after a gain of 30% during 2012.
In economic news on Monday, the National Association of Realtors said pending
sales of previously owned homes in the U.S. rose 0.2% during November to a
Home Sales Index reading of 102.1, from a downwardly revised reading of 101.5 for
October. Pending sales during November were down 1.6% from a year earlier.
Economists polled by Reuters on average estimated the November figure would
rise by 1.5%.
While the pending home sales figure for November was disappointing to many
economists, this was the first increase in six months.
Find out if (BAC) is in Cramer's Portfolio.
NEW YORK (TheStreet) -- Many large-cap bank stocks pulled back on Monday,
despite some good economic news.
PNC Financial Services Group (PNC_) led the sector down, with shares sliding
0.9% to close at $77.51. Bank of America (BAC_) was down 0.8% to close at $15.54 and Morgan Stanley (MS_) was down 0.7% to close at $30.85.
The broad indices ended mixed, with one more day to cap off the best year for the
S&P 500
The KBW Bank Index (I:BKX) on Monday pulled back 0.2% to 68.97, with the 24
In economic news on Monday, the National Association of Realtors said pending
While the pending home sales figure for November was disappointing to many
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