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
WaMu was down more than 90% at 16 cents, while former competitor
was losing 21% at $10.80.
dropped 5% to $18.42, and
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
in March, was up 2.2% at $44.43.
Bank of America
, which acquired
this year, was gaining 4.2% at $35.82.
Meanwhile, traders continued to follow the news from Washington, where
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.