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 - Get Report) 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 - Get Report), 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 - Get Report) 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 - Get Report), which closed at $32.04; Cullen/Frost Bankers (CFR), closing at $53.84; State Street (STT - Get Report), at $41.48; and Zions Bancorporation (ZION - Get Report), 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.