Updated from 2:55 p.m. EST
Financial stocks continued their seemingly endless slide Friday, as the economy lost another 651,000 jobs and
became the latest big bank to slash its dividend to preserve capital.
slashed its dividend to 5 cents a share from 34 cents, enabling the bank to retain an additional $5 billion in common equity in 2009. It follows similar recent moves by
Still, Wells But President and CEO John Stumpf said operating results at the bank for the first two months of the year are "strong," and shares rose 6% to $8.61.
The dismal, but expected,
was weighing on stocks in general. Nonfarm payrolls were falling by 651,000 and unemployment reached 8.1%, the highest level since 1983.
JPMorgan Chase shares fell 4% to $15.93. US Bancorp was off 2.1% to $8.82. PNC shares lost 7.5% to $18.51.
, which briefly dipped below $1 in trading Thursday, was flat at $1.03.
Bank of America
was off 1% to $3.14.
fell as low as $9.71, which it last traded at 14 years ago, but more recently was down 0.7% to $10.26.
The NYSE Financial Sector Index was down 0.8% to 2,130.
This article was written by a staff member of TheStreet.com.