Financial stocks were mixed in trading Wednesday, as the market digested the latest Federal Reserve rate cut.
The rate-setting Federal Open Market Committee lowered the federal funds rate target 25 basis points to 2%, but was ambiguous about whether it would pause its rate-cutting campaign at its next meeting. The NYSE Financial Sector Index closed down 13.74 at 7,734.25.
While many financial stocks were flat, there were some big movers. Corus Bancshares(CORS Quote) stock plunged after reporting first-quarter earnings dropped from $26 million in the previous year's quarter to $4.5 million. The small-cap bank also eliminated its dividend and blamed it all on mortgages, housing and the credit markets. Shares collapsed 23.8% to $7.33, a loss of $2.29. ...
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