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Financial stocks are continuing sharply lower following the unveiling of Treasury Secretary Timothy Geithner's proposed recovery plan.
About 30 minutes before Geithner began his speech, the US's largest banks -- Bank of America (NYSE: BAC), JPMorgan (NYSE: JPM), Citigroup (NYSE: C), Wells Fargo (NYSE: WFC) and US Bancorp were down 11%, 2.3%, 3.5%, 4.7% and 5.4%, respectively. These losses have widened substantially since the speech: BofA is now down nearly 16% to $5.80, JPMorgan is down 6.5% to $25.54, Citigroup is down 10% to $3.55, Wells Fargo is down 12.4% to $16.69 and US Bancorp is down 10.6% to $14.95. Also, Morgan Stanley (NYSE: MS) is currently down 8% to $21.68, while Goldman Sachs (NYSE: GS) is down 6.3% to $91.70.
Meanwhile, financial ETF's are seeing extremely heavy volume today. The Financial Select Sector SPDR (NYSE: XLF) is down 7.3%, while the Financial 3x Bull (NYSE: FAS), commonly referred to as the FAS, is down 19.4%.
Given the negative market reaction, traders seem to be disappointed with a lack of clarity and structure to the plan.
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The Man without a Plan
Cynical Synapse on Feb 15, 2009 09:39 PMStocks fell because Geithner opened his mouth and showed everybody he's the man without a plan. His speech and fact sheet had no more substance than campaign rhetoric, which we've heard enough of.