Regional bank stocks took a nosedive on Thursday as the short-selling ban was lifted and pessimistic comments regarding the sector continued to hang in the air.
The Keefe Bruyette Regional Bank index slumped nearly 7% to 58.22, while the NYSE Financial Sector index fell 3.5% to 4703.51 on Thursday, after the ban on short sales for more than 800 financial companies put in place Securities and Exchange Commission expired at midnight Wednesday. The SEC extended the ban on short selling to Oct. 17, but the ban's deadline was moved up to yesterday after President Bush signed the Emergency Economic Stabilization Act last week.
The New York Times also reported that the Treasury Department is considering taking equity stakes in U.S. banks to re-instill confidence in the financial system. ...
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