Why Charles Schwab Stock Was Dropping Today
Charles Schwab (NYSE: SCHW) saw its share price fall on Friday, as it was down about 7.4% as of 12:30 p.m. ET. The stock was trading at around $61.40 per share, down about 26.3% year to date, as of March 10 at 12:30 p.m. EST.
The major indexes were all down on Friday, as the S&P 500 was off 29 points (-0.7%), and the Dow Jones Industrial Average was down 153 points (0.5%), while the Nasdaq Composite was down 85 points (-0.8%).
The financial services giant sank lower Friday after news emerged Thursday of a potential block sell-off of 8.5 million shares of Schwab stock, run through JPMorgan Chase. Reports did not indicate who the seller was, but block trades are done by institutional investors. The reports indicated the sale price was $73 to $74 per share, just below the price at Wednesday's close of $76 per share.
Source Fool.com
