Financial Stock (XLF) Take Brunt of Damage in Broad Sell Off
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Financial stocks were under intense pressure today in a broad market sell off. Large banks took the brunt of the damage with JP Morgan (NYSE: JPM), Bank of America (NYSE: BAC), Morgan Stanley (NYSE: MS), Citi (NYSE: C) and Goldman Sachs (NYSE: GS) all moving lower by more than 3 percent intra-day, with BAC leading the pack lower by 4.75 percent.
The move lower comes on the heals of a weak jobs report and worries of a double dip recession. Also, Nomura Securities issued a report that lowered earnings estimates across the board for the investment companies and banks listed above, sighting macro concerns that have led to soft investment banking, weak trading and slipping risk-asset prices.
Financial Select Sector SPDR (NYSE: XLF) is lower by 2.75 percent intra-day, but still up by 5 percent so far this year.
The move lower comes on the heals of a weak jobs report and worries of a double dip recession. Also, Nomura Securities issued a report that lowered earnings estimates across the board for the investment companies and banks listed above, sighting macro concerns that have led to soft investment banking, weak trading and slipping risk-asset prices.
Financial Select Sector SPDR (NYSE: XLF) is lower by 2.75 percent intra-day, but still up by 5 percent so far this year.
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