Updated from 3:22 p.m. ET
Shares of most regional banks slumped Tuesday afternoon as uncertainty surrounding the stability of the sector continued to weigh on the stocks.
Among the biggest decliners were SunTrust Banks (STI Quote), which plunged $1.93, or 16.2%, to $10.02, and Marshall & Ilsley (MI Quote), which dove 87 cents, or 17.8%, to $4.03. Both stocks hit 52-week lows earlier in the session.
A disappointing earnings report from PNC Financial Services Group (PNC Quote) underscored the pain regional banks are feeling as loan losses continue to mount.
Pittsburgh-based PNC, one of the nation's largest banks, said it swung to a loss during the fourth quarter because of charges tied to its recent acquisition of National City. But even excluding the National City costs, PNC's results missed analysts' expectations. The bank also said it would cut 5,800 jobs following the purchase....
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,501.05 | 1,114.11 | 2,212.10 | 35.46 |
Oil *
71.96
|
|
UP
29.55
|
UP
7.70
|
UP
21.79
|
UP
0.06
|
10 Yr
3.55%
SPDR Gold
110.24
|
|
+0.28%
|
+0.70%
|
+0.99%
|
+0.17%
|
Data delayed 20 minutes |
Connect with TheStreet