Should I Buy Bank Stocks During the Coronavirus Crash?
The U.S. economy has been largely shut down as a result of the COVID-19 pandemic, and the stock market has taken a beating. Even after rebounding significantly from the March lows, the S&P 500 is still down by 27% from its mid-February closing high.
One of the worst performing sectors in the market has been the financials, down by 37%. And all of the "big four" banks have done even worse. JPMorgan Chase (NYSE: JPM) has fallen by 39% since mid-February, and Bank of America (NYSE: BAC) is 42% lower. Wells Fargo (NYSE: WFC) has shed 44% of its share price, and that's after underperforming the financial sector for several years following the infamous fake accounts scandal. And Citigroup (NYSE: C) has been hit especially hard, down by 52% since the market plunge began.
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Source Fool.com
