Bank stocks were choppy Friday amid mixed economic news, falling off in afternoon trading as investors took whatever gains they had.
The KBW Bank Index closed down 0.42%, ending the week up less than 1%.
Good news about retailers and Walt Disney Co. was offset by reports of a higher-than-expected jump in the trade deficit and lower consumer confidence in November compared with October.
Economists at Wells Fargo Securities wrote in a note Friday that growth in 2010 will be slower than in the first year of a typical economic recovery.
"The composition of growth will favor contributions from federal spending and inventory building, with subpar performances from consumer spending and business," the economists wrote.
JPMorgan Chase & Co. fell 0.9%, Bank of America Corp. 0.5%, Wells Fargo & Co. 1.9%, PNC Financial Services Group Inc. 1%, U.S. Bancorp 2.2% and Citigroup Inc. 1 cent, to $4.05.
Among the regionals, SunTrust Banks Inc. fell 0.9%, KeyCorp 2.3%, Comerica Inc. 0.3%, Marshall & Ilsley Corp. 0.2% and M&T Bank Corp. 0.8%.
Fifth Third Bancorp rose 2.1% after Credit Suisse gave the stock an "outperform" rating.
Capital One Financial Corp. rose 1.1% after it completed a $1 billion offering of trust-preferred securities.
Other gainers included Zions Bancorp., 1.3%, and Regions Financial Corp., which rose 6 cents, to $4.83.
The Dow Jones industrial average rose 0.72% and the Standard & Poor's 500 index rose 0.88%.
