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Saturday, Jan 28, 2023
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Midday Stock Roundup

Markets declined; Fed Chairman Jerome Powell said the U.S. must spend more money to buttress earlier stimulus efforts aimed at fighting economic effects of the coronavirus.

The three major U.S. indexes dipped about 2% in midday trading: the S&P 500 to 2,820.41, the Dow Jones Industrial Average to 23,289.89, and the Nasdaq to 8,844.47.

The yield on a 10-year Treasury bond dropped 5.6% to 0.64%

The price of gold rose 0.5% to $1,716.

A barrel of oil was about 1.7% lower to $25.35.

FINANCE

Banks traded 3% to 8% lower:

• Pacific Premier Bancorp Inc. (Nasdaq: PPBI) in Irvine to $16.69 and a $1 billion market cap.

• Irvine-based Opus Bank (Nasdaq: OPB) to $14.98 and a $545 million market cap.

• First Foundation Inc. (Nasdaq: FFWM) in Irvine to $11.99 and a $535 million market cap.

• Banc of California (NYSE: BANC) in Santa Ana to $8.65 and a $433 million market cap.

• Costa Mesa’s Pacific Mercantile Bancorp (Nasdaq: PMBC) to $3.22 and a $76 million market cap.

Other finance-focused firms also fell.

Specialty insurer and title company First American Financial Corp. (NYSE: FAF) in Santa Ana was down 3.2% of $43.24 to a $4.8 billion market cap. Irvine-based housing lender Impac Mortgage Holdings Inc. (NYSE: IMH) fell 11% to $1.32 and a $28 million market cap.

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