Magazine article American Banker

Wednesday's Market

Magazine article American Banker

Wednesday's Market

Article excerpt

Bank stocks staged an across-the-broad retreat on Wednesday amid a broad selloff in both the stock and bond markets.

Only one of the top 25 bank stocks - Chase Manhattan Corp., up 62.5 cents to $39.50 - was able to tally a gain for the day. It was the weakest market outing for the banks in over a month.

Recently, banks have enjoyed a strong rally. Several have set 52-week highs and many are near peak levels, prompting some Wall Street analysts to put "hold" signals on the stocks.

Most analysts blamed Wednesday's selloff on the bond market. Despite the economic signs pointing to low inflation, bond investors have focused on rises this week in some commodity prices. As a result, bond prices have fallen.


Citicorp Slips

Among money-center banks, Citicorp was off 25 cents to $41.625, J.P. Morgan & Co. was down 25 cents to $65. …

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