Why Ally Financial Stock Fell 15.2% in March
Ally Financial (NYSE: ALLY) saw its stock price plummet 15.2% in March, according to S&P Global Market Intelligence. The stock is currently trading at around $26 per share as of April 6, up about 7.2% year to date.
The major market indexes, on the other hand, all moved higher in March. The S&P 500 gained 3.5%, the Dow Jones Industrial Average was up 1.9%, and the Nasdaq Composite climbed 3.5% for the month.
The collapse of SVB Financial's Silicon Valley Bank and Signature Bank in early March had a widespread effect throughout the banking industry. In the days that followed, bank stocks across the board saw their share prices decline on fears that there would be massive runs on deposits that would shutter more banks.
Source Fool.com
