Why Bank Stocks Ranging From Ally Financial to U.S. Bank Are Crashing (Again) Today
Another day, another rout for bank stocks.
Continuing last week's sell-off prompted by the failure and subsequent regulatory takeover of SVB Financial Group's (NASDAQ: SIVB) Silicon Valley Bank, several bank stocks are down again on Monday. Last week's biggest losers like PacWest Bancorp and First Republic Bank are once again in the mix. But, today's drubbings also include far bigger outfits. Bank of America (NYSE: BAC) and U.S. Bancorp (NYSE: USB) are lower to the tune of 3.3% and 8.5% (respectively) as of 12:59 p.m. ET Monday, with investors increasingly fearing more banks may be undercapitalized.
It's not just familiar, conventional bank stocks now on the defensive either. Shares of Synovus Financial (NYSE: SNV), credit card middleman Synchrony Financial (NYSE: SYF), and online banking and lending outfit Ally Financial (NYSE: ALLY) are down 11.4%, 9.1%, and 8.8%, respectively, today as the wave of worry widens to all types of lenders.
Source Fool.com