NEW YORK (
) -- Financial stocks languished Wednesday as more bad news poured in from the nation's housing markets. The
Financial Select Sector SPDR
was down 13 cents in mid-morning trading to $13.38.
Among the most actively traded stocks was financial behemoths
Bank of America
, which ran first and third respectively as volume leaders.
The broader market - and financials in particular - were blindsided by
data released by the National Association of Realtors that sales of previously owned homes fell 27.2% from June to a seasonally adjusted annual rate of 3.83 million. That was well below economist projections for the period.
Biggest gainers for the day include the preferred shares of
, which were up $2.10 to $5.15, after the company announced a successful exchange of preferred stock for common shares. Shares of
we up over %15, to $6.42, after announcing a management change.
Notable losers in the midday session include
, which was down over 6% to $2.01. Last month the bank missed analyst earnings estimates by 6 cents per share.
Shares of the other two U.S. banking giants,
, as well as investment bank
were all lower.