Why Shares of Bank of America, Wells Fargo, and JPMorgan Chase Are Falling Today
Shares of most of the large U.S. banks took a hit Thursday along with the broader markets in the wake of news that Russian troops had invaded Ukraine. JPMorgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), and Wells Fargo (NYSE: WFC) were all down by about 4% as of 11 a.m. ET.
Russian President Vladimir Putin declared early Thursday that he planned a "special military operation" in Ukraine. Shortly after, media outlets reported numerous explosions in Ukrainian cities, and incursions by Russian forces throughout the country.
The Dow Jones Industrial Average had fallen by about 600 points as of this writing, while the Nasdaq Composite, which initially fell 3%, pared back its losses and now is only down by about 0.3%. The S&P 500 also opened sharply lower, then recovered to a level about 1% below Wednesday's closing value. The price of oil at one point Thursday morning reached $105 per barrel, and the yield on the 10-year U.S. Treasury bill fell to about 1.94%.
Source Fool.com