Regional bank stocks closed mostly higher Thursday after a spate of better-than-expected second-quarter results from financial firms, including JPMorgan Chase, helped lift the sector for a second day in a row.
JPMorgan Chase & Co. posted a 53 percent decline in its quarterly earnings, but the drop wasn't as steep as Wall Street had feared, sending the shares up as high as 14 percent during regular trading.
Pittsburgh-based regional bank PNC Financial Services Group Inc. reported a 19 percent jump in earnings, fueled by solid loan growth. Shares gained $7.84, or 13.5 percent, to close at $65.75.
BB&T Corp. also had good news to share. A 7 percent dip in its second-quarter earnings was not as bad as analysts had anticipated. Shares rose $3.13, or 13 percent, to finish at $27.63.
Other gainers included KeyCorp, which rose $1.03, or 11 percent, to $10.77, and Zions Bancorp, which gained $3.97, or 17 percent, to end at $27.51.
Marshall & Ilsley Corp., which reported second-quarter results above expectations on Wednesday, gained 92 cents, or 7 percent, to $14.52.
First Horizon National Corp. advanced 72 cents, or 10 percent, to close at $8.22.
Bucking the trend, National City Corp. shares fell 18 cents to finish at $4.22.
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