Why Shares of Bank of America, Citigroup, JPMorgan, and Goldman Sachs Fell Today
Shares of many large bank stocks fell today along with the broader market sell-off that saw the Dow Jones Industrial Average shed more than 600 points and the S&P 500 index fall 1.7%. Shares of Citigroup (NYSE: C) fell close to 4%, while shares of Bank of America (NYSE: BAC), Goldman Sachs (NYSE: GS), and JPMorgan Chase (NYSE: JPM) all dropped more than 3% today.
Banks across the board are sliding today with the KBW Nasdaq Bank Index, which tracks the largest banks in the U.S., falling nearly 3%. Large banks are considered to be more stable, so any kind of 3% or 4% move is significant.
The decline partly had to do with the broader market sell-off, which was stoked by fears surrounding the Chinese real estate market, and more specifically the large Chinese property developer, Evergrande Group, which is facing billions in debt and potential default.
Source Fool.com
