Financial Winners and Losers: Wells Fargo

Financial stocks were taking a hefty beating Thursday, as uncertainty about the government's financial bailout plan and stimulus package persisted.
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Updated from 2:30 p.m. ET

Financial stocks were taking a hefty beating Thursday, as uncertainty about the efficacy of the government's financial bailout plan persisted, and investors awaited action from Congress on an $789.5 billion economic stimulus package.

The

KBW Bank Index

was tanking 2.8% to 27.57, and the

Financial Select Sector SPDR

(XLF) - Get Report

ETF was down 6.1% at $8.75.

On Tuesday, Treasury Secretary

Timothy Geithner

unveiled a new version of the bailout package. The multifaceted approach was met with skepticism on Wall Street, and the

major indices

sold off following the announcement.

Uncertainty continued to prevail in the financial space Thursday, as critics expressed concern over the financial

bailout

program.

Financial firms were leading among decliners in the

Dow Jones Industrial Average

. Of the index's members,

Bank of America

(BAC) - Get Report

was dow.n 3.92% at $5.87,

Citigroup

(C) - Get Report

was losing 2.2% at $3.61,

JPMorgan Chase

(JPM) - Get Report

was shedding gaining 0.4% at $26.19, and

American Express

(AXP) - Get Report

was falling 5.3% at $15.50.

Outside the Dow,

Wells Fargo

(WFC) - Get Report

was losing 0.974% to $16.80. The Financial Industry Regulatory Authority announced it had fined segments of

Wachovia

, which Wells acquired in October. The fines, totaling $4.6 million, stem from Wachovia's sales of several of its business segments.

Former investment banks

Goldman Sachs

(GS) - Get Report

and

Morgan Stanley

(MS) - Get Report

were feeling less of a pinch. Goldman was 0.9% at $95.58, and Morgan Stanley was dropping 3.5% at $22.95.

Executives from BofA, Citi, JPMorgan Chase, Wells, Goldman, Morgan Stanley,

State Street

(STT) - Get Report

and

Bank of New York Mellon

(BK) - Get Report

on Wednesday testified before

Congress

in defense of their use of capital injections supplied by the Treasury under the Troubled Asset Relief Program.

Elsewhere,

US Bancorp

(USB) - Get Report

was also having a rough day, falling 8.9% to $12.95.

There were hardly any winners in the financial space Thursday. One exception to the selloff, Dutch insurance firm

Aegon

(AEG) - Get Report

was gaining 3.8% to $5.19.