Financial Winners & Losers: WaMu
Financial stocks fell along with the broader market Friday as traders dealt with questions about the fate of the government's
package and the acquisition of
Washington Mutual
(WM) - Get Free Report
by
JPMorgan Chase
(JPM) - Get Free Report
.
WaMu was down more than 90% at 16 cents, while former competitor
Wachovia
(WB) - Get Free Report
was losing 21% at $10.80.
Citigroup
(C) - Get Free Report
dropped 5% to $18.42, and
Morgan Stanley
(MS) - Get Free Report
was giving back 7.5% to $25.06.
Among measures that track the group, the NYSE Financial Sector index was losing 1.7%, and the Amex Broker/Dealer index was lower by 0.4%. The KBW Bank index was falling 3.5%.
However, two banks who have benefited from the downfall of their competitors were gaining ground. WaMu's new owner, JPMorgan, which also bought
Bear Stearns
in March, was up 2.2% at $44.43.
Bank of America
(BAC) - Get Free Report
, which acquired
Countrywide
and
Merrill Lynch
(MER)
this year, was gaining 4.2% at $35.82.
Meanwhile, traders continued to follow the news from Washington, where
Congress
was struggling to move forward with the $700 billion financial-sector bailout proposed by Treasury Secretary Henry Paulson. President Bush spoke earlier in the day and expressed confidence that lawmakers would soon reach an agreement.
This article was written by a staff member of TheStreet.com.
