Here's Why Wells Fargo, JPMorgan Chase, and Other Big Bank Stocks Are Falling
The stock market was sharply lower Thursday morning, continuing the week's downtrend. As of 9:45 a.m. EDT, the Dow Jones Industrial Average and S&P 500 benchmark indices were lower by 3% and 2.5%, respectively.
The financial sector was getting hit especially hard. All of the largest U.S. banks were down sharply. Bank of America (NYSE: BAC) was the best performing of the big banks, down by 4.3% on the day. Wells Fargo (NYSE: WFC), JPMorgan Chase (NYSE: JPM), Citigroup (NYSE: C), and U.S. Bancorp (NYSE: USB) were all lower by 5% or more.
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Source Fool.com
