Here's Why Wells Fargo Is Falling on Thursday
As a whole, the stock market is having a pretty calm day on Thursday. As of noon EDT, the Dow Jones Industrial Average was down by less than 0.3% and the S&P 500 benchmark index was higher by about 0.5%.
However, with most big bank stocks reporting earnings throughout the week, the financial sector remained under pressure. The Financial Select Sector ETF (NYSEMKT: XLF) was lower by 1.4% and is down by nearly 9% for the week.
One particularly noteworthy underperformer is Wells Fargo (NYSE: WFC). The massive consumer bank is down nearly 6% today and has lost nearly 19% this week alone.
Source Fool.com
