Fifth Third Bancorp: Financial Loser
NEW YORK (TheStreet) -- Fifth Third Bancorp (FITB) was the loser among the largest U.S. financial names on Thursday, with shares declining 3% to close at $13.73.
The broad saw 1% declines, after the U.S. Labor Department reported that jobless claims fell by 2,000 to 386,000 in the week ended Apr. 14, from an upwardly revised 388,000 in the previous week. The number was worse than expected, as economists polled by Reuters expected a total of 370,000 new jobless claims filings.
The four-week moving jobless claim emplaverage was 374,750, an increase of 5,500 from the previous week's 369,250. The number of people continuing to receive jobless benefits increased by 26,000 in the week ended Apr. 7 to 3.3 million.
The KBW Bank Index (I:BKX) declined 1% to close at 47.83, with 20 out of 24 index components showing declines for the session.
Fifth Third Bancorp's shares have now returned 9% year-to-date, following an 11% decline during 2011.