Updated with market close information.
Investors were looking for more details on the plan agreed to on Friday by all 27 European Union members, except Britain, for tighter budget rules, to limit the risk of future debt crises. British Prime Minister David Cameron vetoed a new European treaty on Friday, after failing to get concessions from other members, including safeguards for Britain's financial services sector. Cameron in a statement to Parliament said he was forced to reject the new treaty, after other EU members rejected "modest" safeguards for Britain's financial services industry.
The KBW Bank Index (I:BKX) ended the day down 2.5%, closing at 38.17, with all 24 index components showing declines, except for the strongly capitalized People's United Financial (PBCT), which was up 1% to $12.59.People's United has a dividend yield of 5.08%, based on a quarterly payout of 16 cents a share. Shares of Citigroup (C) declined over 5% to close at $27.22. Bank of America (BAC) was down nearly 5%, closing at $5.45. Large U.S. banks seeing 3% declines included Goldman Sachs (GS), which closed at $98.11; Bank of New York Mellon (BK), at $19.1; Comerica (CMA), at $25.8; JPMorgan Chase (JPM), at $32.06; and Regions Financial (RF), closing at $4.00.
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.
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