Bank Stocks Take Outsize Beating
Updated from 1:51 p.m. EDT
A perfect storm of bad news is punishing bank stocks, with shares of Citigroup (C Quote) and J.P. Morgan Chase (JPM Quote) taking the biggest pounding.
Shares of Citigroup and J.P. Morgan and other bank stocks closed sharply lower, in another bleak day on Wall Street. Citi plunged $3.95, or 10.97%, to $32.05. J.P. Morgan fell $1.59, or 6.09%, to $24.51. Both stocks set new 52-week lows. Meanwhile, the Philadelphia Bank Index sank 4.31%.
The swirl of bad news involves everything from the impact of the WorldCom(WCOME Quote) bankruptcy filing to the specter of another round of congressional hearings that will focus on the role of the big commercial banks in the collapse of Enron. And the overall foul mood still hovering over Wall Street following last Friday's 390-point plunge in the Dow Jones Industrials isn't helping much. ...
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