Magazine article American Banker

Bank Stocks Fall Further, Down Nearly a Third in 2016

Magazine article American Banker

Bank Stocks Fall Further, Down Nearly a Third in 2016

Article excerpt

Byline: Jacob Passy

Banks stocks fell further than the overall market yet again Thursday, as concerns about negative interest rates, the energy sector and other matters showed no signs of abating.

The KBW Nasdaq Bank Index closed at 56.51, down 4.18% from the previous day and 29.32% from the end of 2015. The index hit its lowest point since April 2013. Meanwhile, the S&P 500 dropped 1.23% during the day's trading, closing at 1,829.08.

Citigroup and Bank of America led the broad decline among banks, with shares of each down more than 6%. Citi fell 6.60% to $34.96, their lowest since November 2012. Bank of America slipped 6.93% to $11.15, which was also three-year low.

JPMorgan Chase and Wells Fargo fared somewhat better. Wells shares dropped 2.23% to $45.14, and JPMorgan shares declined 4.50% to finish the day at $53.02.

Major regional players also felt the market's sting. …

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