Why Shares of Bank of America, Wells Fargo, and PayPal Are Falling
Shares of several banks and financial stocks fell today, as investors brace for a recession that is looking more and more like a possibility considering the rising price of oil and high levels of inflation.
Shares of Bank of America (NYSE: BAC) had fallen nearly 5.7% as of 2:57 p.m. ET today, while shares of Wells Fargo (NYSE: WFC) and PayPal Holdings (NASDAQ: PYPL) traded roughly 5.4% lower.
Prior to Russia's invasion of Ukraine, inflation had already been growing at a fast pace and many analysts and investors expected the Federal Reserve to raise its benchmark overnight lending rate, the federal funds rate, multiple times this year to combat that inflation.
Source Fool.com
