Charles Schwab trading falls 14 pct. in October
Charles Schwab monthly trading declines 14 percent in October, asset base gains 13 percent
SAN FRANCISCO (AP) -- Discount broker Charles Schwab's average trading levels dropped 14 percent in October compared with the prior-year period, but its asset base climbed 13 percent as it brought in new business.
There were 439,700 client daily average trades during the month. That is a 14 percent decline from the year-ago period and flat with September.
Charles Schwab said that Oct. 29 and 30th were not included as trading days due to market closures related to Superstorm Sandy.
The company said Wednesday that its total client assets totaled $1.9 trillion at month's end. This is up 13 percent from a year ago and flat with September. The asset base was lifted by new business, with $24.7 billion brought to Charles Schwab Corp. in October from new and existing clients.
The company's shares added a penny to $12.69 in afternoon trading. The stock has changed hands between $10.67 and $15.53 in the past 52 weeks.
