NEW YORK (
) -- Bank stocks ended lower on Wednesday, with
M&A rumors regarding regional banks failing to provide enough upside against broader economic concerns.
The KBW Bank Index fell 1.1% to 49.39.
PNC Financial Services
was also down 3.1%, closing at $58.56
, following buyout rumors. The
South Florida Business Journal
indicated that PNC is considering
as possible take-over targets, though a competing report by
Dow Jones Newswires
indicated that PNC was not interested in Regions.
BankAtlantic shares were among the biggest winners in the financial sector, rising 14.6% to $1.10, while Regions shot up 1.8% to close at $6.31.
was the biggest losing component in the KBW Index, dropping 3.6% to $26.01 after Janney Capital Markets downgraded the shares to sell.
Elsewhere in the sector,
American International Group
shares cooled off from the previous day's bullish session, dropping 1.1% to $51.19. On Tuesday the stock had hit a new 52-week high of $53.55.
fell 1.3% to $165.21 and
shed 1.6% to $26.20 following an analyst report that indicated the two Wall Street firms
could see estimates cut because of weak revenue.
-- Written by Lauren Tara LaCapra in New York
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