NEW YORK ( TheStreet) -- Bank stocks were knocked down for the most part Tuesday as even more depressing news was reported out of the U.S housing markets.
The KBW Bank Index was down 1.6% at 43.82 shortly after midday, as government statistics revealed a large decline in existing home sales.
Large banks declined on the news. Bank of America (BAC) hit a 52-week-low earlier in the Tuesday's session, despite CEO Brian Moynihan's purchase of 30,000 shares of the big Charlotte, N.C.-based money center bank. Bank of America shares were most recently falling 1% at $12.74. Morgan Stanley (MS) were also falling 1.83% at $25.25.
Citigroup (C) shares were also falling 1%, to $3.71, on the news that the big bank was experiencing higher than expected loan delinquencies coming out of its consumer finance arm, CitiFinancial, as it restructures and downsizes the unit.Citigroup and Bank of America were the top two volume leaders on the New York Stock Exchange on generally light activity. Regional bank stocks also followed suit into the red Tuesday, including shares of Fifth Third Bancorp (FITB) down 3.3% to $13.22, Snyovus' (SNV) shares were falling 3.2% to $3.15 and Huntington Bancshares (HBAN), down 2.9% to $5.22. Still there were some positive stock moves in the bank sector. Doral Financial (DRL) shares were up 9.5% (the equivalent of 11 cents) to $1.27 on higher than average trading volume of 652,000 shares. Shares of First Bancorp (FBNC) of Troy, N.C. were rising 2.2% to $12.50. --Written by Laurie Kulikowski in New York.
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