As Fed Leaves Rates Unchanged, Banking Stocks Remain Steady
The U.S. Federal Reserve announced that it could begin to shrink its balance sheet following its next meeting in September, while also leaving short-term interest rates unchanged Wednesday.
The much-anticipated announcement directly affects the banking sector, but shares of the largest investment banks were left unaffected by the Fed's announcement in afternoon trading Wednesday.
Bank of America Corp. (BAC) - Get Bank of America Corp Report had been trending lower ahead of the announcement but did not make any significant moves lower following the Fed's decision. BAC shares were down 0.53% to $24.35 Wednesday afternoon.
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JPMorgan Chase and Co. (JPM) - Get JPMorgan Chase & Co. Report was also in the red Wednesday afternoon but was little changed from its position earlier in the day. JPMorgan shares were down 0.6% to $92.24 Wednesday afternoon.
The Goldman Sachs Group Inc. (GS) - Get Goldman Sachs Group, Inc. Report shares were in the green all day and remained steady Wednesday afternoon. The stock was up -.63% to $222.98.
Citigroup Inc. (C) - Get Citigroup Inc. Report was also in positive territory all day, remaining unchanged following the Fed's decision. The stock was up 0.47% to $68.36 in afternoon trading.
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