The broad indexes declined, after the House of Representatives delayed a vote on a budget proposal by House Speaker John Boehner to cut federal spending by nearly $1 trillion and lift the debt ceiling. President Obama followed up with an address to the nation , urging Americans to pressure members of Congress to get a move on.
The KBW Bank Index (I:BKX) declined slightly to close at 46.01, with 20 out of 24 index components down for the session.
Shares of Regions Financial (RF) were also down over 1% to close at $6.10. The Birmingham, Ala., lender is peddling its Morgan Keegan subsidiary, with Stifel Financial (SF) and Raymond James (RJF) still in the running, according to SNL Financial.Bank of America (BAC), saw its shares decline 1% to $9.71 after the company was sued by an investor group that included the California Public Employees' Retirement System and funds managed by BlackRock (BLK) and T Rowe Price Group (TROW), over claims on securities backed by Countrywide mortgages. Other large banks seeing shares decline 1% Friday included Comerica (CMA), which closed at $32.04; Cullen/Frost Bankers (CFR), closing at $53.84; State Street (STT), at $41.48; and Zions Bancorporation (ZION), which closed at $21.90.
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV