NEW YORK (
) -- Financial stocks retreated on Friday, taking a page out of the broader market, which was falling on concerns that China was looking to slow its economic growth.
There were few winners in the financial sector Friday. The Financial Select Sector SPDR
slumped 1.7% to $14.93.
Shares of the biggest four U.S. banks --
Bank of America
- fell between 1% and 3%. Wells Fargo's shares were dipping 2.7% to $27.55 at last check.
News reports came out that
Regional banks were faring even worse with
Fifth Third Bancorp
, among the worst performers.
shares were falling 1.3% to $54.55 despite Moody's Investors Services upgrading its outlook on the Texas bank to stable from negative. Moody's said in a report that Cullen/Frost's "strong asset quality results from the company's solid underwriting as well as the bank's portfolio being located in Texas, where the real estate market has performed better relative to other states."
Outperformers of the day included tax service providers.
( JTX) shares were rising 2.1% and 1%, respectively.
--Written by Laurie Kulikowski in New York.
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