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Financial Winners & Losers: Goldman

Goldman Sachs and Morgan Stanley were among the worst performers in the group.

Financial stocks were among the biggest losers of Thursday's session, extending the stock market's swoon to fresh multiyear lows, as the deadline on a temporary ban on short-selling ended.

The three-week halt on

short-selling

of stocks in the sector was lifted just before midnight. The

Securities and Exchange Commission

had implemented the rule on Sept. 19 as an emergency measure to help stem the selling in bank stocks.

The latest selloff in the group came as credit markets continued to tighten despite emergency rate cuts Wednesday by the

Federal Reserve

and other central banks in Europe and Canada. The

Dow Jones Industrial Average

, which has several bank stocks as components, slid below the 9,000 level for the first time since August 2003.

Among Dow components,

American Express

(AXP) - Get Free Report

was falling 7.2%,

Citigroup

(C) - Get Free Report

was losing 6%, and

Bank of America

(BAC) - Get Free Report

fell 4.9%.

JPMorgan Chase

(JPM) - Get Free Report

bucked the trend, rising 1%.

Wachovia

(WB) - Get Free Report

, which is still the subject of a battle between

Citigroup

and

Wells Fargo

(WFC) - Get Free Report

, was tumbling 24.5% to $3.82. Wells Fargo was down 16.8% to $26.54.

Insurers were mixed, as

AIG

(AIG) - Get Free Report

slumped 21% to $2.52, while

MetLife

(MET) - Get Free Report

tacked on 2.2% to $27.58.

Hartford Financial

(HIG) - Get Free Report

, which was reportedly approached by

MetLife

for a potential merger, was down 10.6% to $22.22.

Elsewhere,

Morgan Stanley

(MS) - Get Free Report

and

Goldman Sachs

(GS) - Get Free Report

were also among the worst performers of the day. Morgan was dropping 19% to $13.61, and Goldman was off 10.3% at $101.36.