Bank stocks and the broader markets rose Thursday on better-than-expected unemployment data.
The KBW Bank Index rose 3.41%, the Dow Jones industrial average rose 0.92% and the Standard & Poor's 500 rose 1.19%.
The Labor Department said Thursday that initial unemployment claims for the week that ended July 25 rose 4.5% from the prior week. However, the total number of unemployed fell 0.8%, to 6.2 million. Economists on average had expected the total to rise to 6.3 million.
Gainers were across the board.
JPMorgan Chase & Co. rose 1.9%, Bank of America Corp., 3.3%, Wells Fargo & Co., 2%, PNC Financial Services Group Inc., 0.9% and U.S. Bancorp, 4.1%.
Among the regionals, SunTrust Banks Inc. rose 7.4%, BB&T Corp., 2.7%, Capital One Financial Corp., 2.4%, Fifth Third Bancorp, 5.6%, Comerica Inc., 4% and Zions Bancorp., 7.3%.
Citigroup Inc. fell 8 cents, to $3.14.