Financial Winners & Losers: WaMu

JPMorgan Chase is trading higher.
Author:
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Financial stocks fell along with the broader market Friday as traders dealt with questions about the fate of the government's

bailout

package and the acquisition of

Washington Mutual

(WM) - Get Report

by

JPMorgan Chase

(JPM) - Get Report

.

WaMu was down more than 90% at 16 cents, while former competitor

Wachovia

(WB) - Get Report

was losing 21% at $10.80.

Citigroup

(C) - Get Report

dropped 5% to $18.42, and

Morgan Stanley

(MS) - Get 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 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.