Associated Banc-Corp
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Financials : Banks | Small Cap Value
Company profile

Associated Banc-Corp is a United States-based bank holding company. The Company provides banking and nonbanking products and services to individuals and businesses. The Company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The Corporate and Commercial Specialty segment consists of lending and deposit solutions to larger businesses, developers, not-for-profits, municipalities, and financial institutions, and the support to deliver, fund, and manage banking solutions. The Community, Consumer, and Business segment consists of lending, deposit solutions, and ancillary financial services, primarily insurance and risk consulting, to individuals and small to mid-sized businesses. The Risk Management and Shared Services segment includes key shared corporate functions, parent company activity, intersegment eliminations, and residual revenues and expense.

Postmarket

Last Trade
Delayed
$22.92
0.12 (0.53%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$22.80
Day's Change
-0.10 (-0.44%)
Bid
--
Ask
--
B/A Size
--
Day's High
22.92
Day's Low
22.62
Volume
(Heavy Day)
Volume:
1,459,705

10-day average volume:
986,409
1,459,705

Dow jumps 500 points as stocks recover losses for week after Fed and Evergrande worries fade

5:57 pm ET September 23, 2021 (MarketWatch)
Print

By William Watts, and Thornton McEnery

U.S. weekly first-time jobless benefit claims rise to 351,000

U.S. stocks closed up sharply Thursday, extending gains a day after the Federal Reserve offered no surprises, signaling that it is on track to start scaling back bond purchases this year, and perhaps raise interest rates next year, assuming a continued economic recovery from the pandemic.

How did stock indexes trade?

On Wednesday, the Dow Jones Industrial Average rose 338 points, or 1%, to 34,258, while the S&P 500 and the Nasdaq Composite also rallied 1%. Daily gains for the Dow and S&P 500 were the strongest in two months.

Read:'It's really easy to navigate' this stock market, says a BofA star strategist. Here's what she says to do

What's drove the market?

Equities soared on Thursday after Fed Chairman Jerome Powell said plans to taper the central bank's bond- buying program could be announced in November, and officials also penciled in an interest-rate increase in 2022. Still, the Fed didn't upset the market's apple cart, said observers who also credited the rebound with fears of a collapse of China's giant property company Evergrande abating.

"It's pretty much a perfect storm for a v-shaped move," mused Tom Hearden, Senior Trader at Skylands Capital. "We've got oversold market technicals, a big spike in fear and negative sentiment, plus the dynamics of post triple witch clearing, and the lifting of the two macro event clouds; Evergrande and the Fed meeting."

Read: Hawks rule the roost at Fed, economists say

And Hearden wasn't alone.

"The market hates uncertainty, and it got more certainty yesterday from the Fed in terms of its plans," even though the underlying message was perhaps a bit hawkish, Ryan Jacob, chief executive and chief investment officer at Jacob Asset Management, told MarketWatch in a phone interview.

With the Fed out of the way for now, investors were set to turn their attention to third-quarter earnings season, Jacob said, arguing that results should be "generally strong," though the spread of the delta variant of the coronavirus is likely to take some toll on sectors and industries more sensitive to the economic cycle.

In U.S. economic data Thursday, the Labor Department said initial claims for jobless benefits rose by 16,000 to 351,000 in the week ended Sept. 18. Economists polled by The Wall Street Journal had estimated new claims would total 320,000. The rise appeared to be driven in party by California catching up on a large backlog of claims.

Private-sector activity in the U.S. economy continued to expand but at a slower pace September, according to the IHS Markit flash U.S. Composite Output Index, which fell to a 12-month low of 54.5, down from 55.4 in August. A reading above 50 indicates an expansion in activity. The Conference Board said its Leading Economic Index rose 0.9% in August to 117.1.

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Worries around China Evergrande, the property giant whose indebtedness sparked a global equity meltdown earlier this week, appear to have moved into the background. Shares of the company rose 17% in Hong Kong as that market reopened after a holiday.

Investors are waiting to hear if Evergrande will make an $83.5 million coupon payment due Thursday on its U.S. dollar bonds. Markets welcomed news on Wednesday that its property business would make an interest payment on an onshore bond.

The Wall Street Journal reported Thursday that Beijing remained reluctant to bail out the developer, tasking local governments with preventing unrest and mitigating the ripple effect on home buyers and the broader economy.

Meanwhile, global investors were cheered as the People's Bank of China injected another 110 billion yuan, or $17 billion, into the financial system on Thursday, according to news reports, after a large injection on Wednesday.

Wednesday and Thursday's gains on the Dow marked back-to-back gains of 1% for the index since the two days ending May 14, 2021

Which companies were in focus?

How did other markets trade?

Barbara Kollmeyer contributed reporting.

-William Watts

	

(END) Dow Jones Newswires

September 23, 2021 17:57 ET (21:57 GMT)

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