Shares of national and regional banks were mixed in Thursday afternoon trading after Federal Reserve Chairman Ben Bernanke said banks need to beef up their risk-management capabilities in the wake of the recent credit crisis.
National and regional banks mostly traded in a narrow range after Bernanke spoke about recent credit turmoil, while broader markets posted gains.
Among top-gaining banks Thursday, shares of Washington Mutual Inc. rose 24 cents, or 2.5 percent, to $10.02.
Shares of JPMorgan Chase & Co. rose 65 cents to $46.56.
Broader market gains could be offsetting any negativity from Bernanke's comments surrounding the sector Thursday. The Dow Jones industrial average rose 28 points to 12,926, while the Standard & Poor's 500 index rose 6 points to 1,414. Markets were improving as new data showed the economy is struggling, but not as much as some anticipated.
Bernanke said during a speech that the combination of deterioration in housing, credit and financial markets exposed banks' problems in sufficiently detecting and hedging against risks. Bernanke also called for banks to step up their capital-raising efforts in hopes that would help lift the weakened credit markets.
Among decliners Thursday, shares of Wachovia Corp. fell 42 cents to $27.22.
Shares of Comerica Inc. fell 72 cents to $38.76.
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