Financial funds ranked as the worst-performing group for the second week in a row.
Ten of the 19 largest declines among all U.S. funds exclusively focused on the financial industry during the week ending Thursday, Jan. 22. Investors fled financial stocks as fourth-quarter earnings reports revealed the magnitude of the damage to the major banking industry players.
The fallout from Bank of America's(BAC Quote) fourth-quarter loss continued as details of billions in losses from its Merrill Lynch brokerage unit required another $20 billion infusion of U.S. Treasury capital and asset guarantees totaling $118 billion. Merrill's brokerage clients withdrew $10 billion from accounts in the fourth quarter, on top of $3 billion in the third quarter. ...
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