Why Truist Financial Stock Fell 19.1% This Week
Truist Financial (NYSE: TFC) took a hit this week as its share price dropped 19.1% this week from last Friday's close through 10 a.m. ET today, according to S&P Global Market Intelligence. The stock is trading at about $31 per share as of Friday morning, down roughly 28% year to date.
The major market indexes were up slightly this week, as the S&P 500 gained 2.1%, the Dow Jones Industrial Average was up 0.3%, and the Nasdaq Composite climbed 4.9% this week, as of 10 a.m. ET today.
The failure of SVB Financial's Silicon Valley Bank last week, followed by the subsequent failure of Signature Bank on Sunday, set the stage for a wild week for the banking industry and bank stocks.
Source Fool.com
