NEW YORK (
(WFC - Get Report)
was the loser among large financial stocks Friday, with shares sliding over 1% to close out the week at $27.93.
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.
KBW Bank Index
declined slightly to close at 46.01, with 20 out of 24 index components down for the session.
(RF - Get Report)
were also down over 1% to close at $6.10. The Birmingham, Ala., lender is peddling its Morgan Keegan subsidiary, with
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
(BLK - Get Report)
T Rowe Price Group
, over claims on securities backed by Countrywide mortgages.
Other large banks seeing shares decline 1% Friday included
(CMA - Get Report)
, which closed at $32.04;
, closing at $53.84;
(STT - Get Report)
, at $41.48; and
(ZION - Get Report)
, which closed at $21.90.
Written by Philip van Doorn in Jupiter, Fla.
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Philip van Doorn
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