Bank stocks tallied modest gains Monday as interest rate fears continued to keep most investors on the sidelines.
Among global banking companies Citigroup Inc. advanced 1.14%, to $44.1875 per share; J.P. Morgan & Co. moved up 0.4%, to $133.125, but Bank of New York Co. slipped 0.36%, to $34.6875.
Among the superregional banking companies, First Union Corp. moved up 2%, to $44.50 per share, and Wells Fargo & Co. gained 2.34%, to $40.9375.
The S&P bank index was up 1.47%, and Nasdaq banks posted a smaller, 0.8% gain. The Dow Jones industrial average rose 1.01%, to 10,909.38, and the broader-market S&P 500 was up 0.51%, to 1,334.52.
Monday's trading in bank stocks was muted in the absence of any fresh economic data that might shed light on the key issue hanging over the market: Will the Federal Reserve raise short-term interest rates on June 30?
Fed officials have made clear that they are increasingly concerned about the prospect of revived inflation. Last month they adopted a monetary policy bias toward higher rates.
The next inflation indicator, the import price index for May, is not due until Thursday.
It may show that the dramatic April run-up in oil prices has abated.
The producer price index for May, to be released Friday, may also offer relief from inflation fears-if wholesale price hikes settle back to a slower pace.