Financials One of the Worst Performing Sectors as Dollar Strengthens
More News related to BAC
- Top 10 News Items 11/16-11/20: Dell Blows It Again, Geither Gets Roasted on Capitol Hill, Again, IPO's A-Plenty
- Bove Says BofA (BAC) Shareholders Want Lewis Back in CEO Spot
- Thousands of Dollars Donated to Assist Fort Hood Families in the Wake of Tragedy
- Meredith Whitney Thinks Paulson's Timing On a BofA (BAC) Double May Be Wrong
- Best of the Web 11/19: Paulson Letter, Wall Street Can't Control Itself, Ken Griffin Rebounds, $6300 Gold?
More News related to C
- Active equity option families in first 30 minutes of trading according to Track Data are: DELL C F JPM
- Meredith Whitney Thinks Paulson's Timing On a BofA (BAC) Double May Be Wrong
- Citi (C) Snags Bodurtha from BofA Merrill; Will be Director and Head of Investments for N.A..
- Steve Bodurtha Joins Citi Private Bank as Managing Director and Head of Investments for North America
- Option volume leaders today according to Track Data are: BAC GE C GS
More News related to FITB
- Fifth Third Mortgage Company Helping More Homebuyers With Tax Credit Extension
- Jean Hilliard To Lead Fifth Third Bank's Treasury Management National Sales Team
- Pomeroy IT Solutions (PMRY) Entered New Multi-Year IT Services Contract with Fifth Third Bank (FITB)
- Pomeroy IT Solutions Announces Renewal of Services Contract With Fifth Third Bank
- Paulson Pick-Up Of Citigroup (C) Shares Is Nothing New
The financial group is one of the worst performing sectors today as we have several factors working against these stocks. The Financial Select Sector SPDR ETF (NYSE: XLF), commonly referred to as "the XLF", is down more than 1.7% today, underperforming the Dow which is currently down 83 pts, or about 0.8%.
After opening flat and trading just modestly lower around 11am EDT, finanicals -- and the entire stock market -- turned sharply lower as the dollar began catching a bid. For quite some time now, the trade has gone stocks/gold/commodities in one direction, and the dollar in the other. Today this move has been dominating trader's decisions.
Also adding to downside today, we are hearing rumors that the S&P could downgrade Bank of America (NYSE: BAC) and several other banks. When questioned on the reports, an S&P spokesperson said they did not downgrade Bank of America and that the rating agency could not comment if anything is in the works.
Finally, controversial banking analyst Dick Bove downgraded several banks this morning: Fifth Third (Nasdaq: FITB) and SunTrust (NYSE: STI) to Sell and US Bancorp (NYSE: USB) to Neutral.
Elsewhere in the Financial sector:
- Bank of America - down 5% to $15.39
- Citigroup (NYSE: C) - down 2.5% to $4.35
- JPMorgan (NYSE: JPM) - down 2.3% to $44.17
- Wells Fargo (NYSE: WFC) - down 1.7% to $28.80
- Goldman Sachs (NYSE: GS) - down 0.6% to $179.35
- Fifth Third - down 6% to $9.71
- SunTrust - down 4.6% to $20.01
- US Bancorp - down 2.9% to $24.22
Related Categories
Insiders' BlogTrader Talk
Stocks Mentioned
+0.01
-0.06Related Entities
Comments
SunTrust NOT trustworthy!
I would be very cautious purchasing anything from Suntrust as I witnessed a fraudulent residential loan application approved by them. The woman didn't even have a job! The property sits incomplete for over 4 years! Construction Loan Administrators - I don't think so! Billions for bailout for this company on these type of loans- PRICELESS! Most likely laughing all the way to the bank!
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
Suntrust Mortgage, Inc.
cdc on Oct 26, 2009 01:35 PMDidn't they get a bunch of bailout money? What did they do with it all? Did they get taxpayer money because their approved loans weren't performing? Has anyone checked out the underwriting of these so-called "approved" loans? Maybe they just need a taxpayer vacation,,,,,Poor Suntrust! I wish I could be motivated to do bad in business, however, I'd just fail. Oh, that's right, it looks like the worse this bank did in business the bigger the bailout...Isn't this bank a foreign institution? American taxpayer money? 2+2 still = 4 doesn't it?