NEW YORK (
) -- The big boys in the financial sector were not the winners today.
Indeed, if the bulge bracket firms are doing God's work, as
CEO Lloyd Blankfield infamously suggested last week, the almighty must have been out of the office today. Or, he just has decided that some Ohio regional banks and insurers were the place to play.
All the major banking stocks ended in negative territory.
led the retreat, being down 3.53% and 3.06% respectively. The trend was clear: Banks with big market caps were beaten down during a day which seemed to bring out all sorts of new fears about an economic recovery.
Is it Meredith Whitney's fault for turning bearish on the sector in recent days, or was it just the market freefall extending its tail to the banking sector today?
dropped 2.82% and
dipped 2.80%; while
kept to the trend, shedding 2.75% of its share price.
Over at God's personal banker, Goldman Sachs, shares were down 2.30% on the day.
JP Morgan Chase
Bank of America
(-1.38%) were all down as well.
fared well by comparison, losing 1.03% and 0.7% respectively. Some of Amex's competitors in the credit card business took it on the chin as a result of fears about the U.S. recovery falling short of expectations:
Capital One Financial
was down 5.22% and
was down 3.56%.
Some smaller regional banking players performed well, even though the closely watched KBW Regional Bank Index was down 1.94% on the day, dropping even more than the broad financial services industry index. Ohio-based
Central Federal Corporation
, with a market cap of $6.7 million, and
, with a $2.77 million market cap, led the local surge with spikes of 40.34% and 34.78%, respectively.
By comparison, the financial services industry index was down 1.67% on the day.
Some insurers bucked the trend too standing out as winners at the market close.
was up 5.46% to close at $97.61. The same was true for
, up 3.43% on the day to close at $23.53.
-- Reported by Eric Rosenbaum in New York
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