Bank stocks seesawed Thursday ahead of third-quarter earnings season.

The KBW Bank Index closed down 0.25%.

UBS AG analysts initiated coverage on a number of large and regional bank stocks, giving "sell" ratings to Wells Fargo & Co., which fell 0.7%, PNC Financial Services Group Inc. (down 2.9%), SunTrust Banks Inc. (up 0.04%), Fifth Third Bancorp (down 0.2%) and Comerica Inc. (down 1.8%).

UBS gave "neutral" ratings to U.S. Bancorp, which rose 1.9%, KeyCorp (down 1%), M&T Bank Corp. (up 1.1%) and Regions Financial Corp. (down 1%).

Other gainers included Capital One Financial Corp., 1.4%, First Horizon National Corp., 0.2%, and Citigroup Inc., which rose 1 cent, to $2.65.

Other decliners included JPMorgan Chase & Co., 0.9%, Bank of America Corp., 0.1%, BB&T Corp., 0.8%, Marshall & Ilsley Corp., 3.2%, and Zions Bancorp., 1.2%.

The Dow Jones industrial average rose 0.63% and the Standard & Poor's 500 index rose 0.75%.

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