Banking stocks closed lower Friday, though a couple names benefited from some positive market-moving news.
The KBW Bank Index fell 0.64%, to 46.54.
The sector ended a rocky week on a down note as some investors may have closed positions to take advantage of Thursday's gains.
Financials also trended lower with the broader markets, as a report that the gross domestic product expanded at its highest rate in six years last quarter failed to quell investor fears over drawn-out economic recovery. The Dow Jones industrial average fell 0.52% and the Standard & Poor's 500 index fell 0.98%.
Citigroup Inc. rose 8 cents to close at $3.32 after Chief Executive Vikram Pandit said his goal was to achieve "profitability now" as the company works through its credit issues.
PNC Financial Services Group Inc. rose 2.38% as reports circulated that it was nearing a deal to sell its global investment servicing unit to Bank of New York Mellon. Fifth Third Bancorp rose 1.47% after Richard Bove of Rochdale Securities upgraded it to "buy," from "sell," citing its better loan-quality prospects.
Most other large banks closed lower. Bank of America Corp. fell 1.24%; BB&T Corp., 1.59%; Comerica Inc., 1.96%; KeyCorp, 1.24%; M&T Bank Corp., 2.6%; JPMorgan Chase & Co., 1.37%; and Wells Fargo & Co., 0.07%.