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Banks sink Wall Street, BofA below $5/share [View all]
http://news.yahoo.com/stock-index-futures-signal-early-gains-100935037.htmlBanks dragged the stock market lower on Monday, with losses accelerating late after Bank of America's stock price fell below
$5 for the first time in nearly three years.
Warnings of deteriorating conditions in the euro zone and concerns about tougher capital rules that could cut into big banks' profits pressured the financials throughout the day.
When BofA, the largest U.S. bank, plunged through $5, it ignited a late-day decline in the sector and the broader market, which fell 1 percent. More than 29 million shares of the stock traded, accounting for about 5.4 percent of the day's total trading.
$5 for the first time in nearly three years.
Warnings of deteriorating conditions in the euro zone and concerns about tougher capital rules that could cut into big banks' profits pressured the financials throughout the day.
When BofA, the largest U.S. bank, plunged through $5, it ignited a late-day decline in the sector and the broader market, which fell 1 percent. More than 29 million shares of the stock traded, accounting for about 5.4 percent of the day's total trading.
Going to be interesting tomorrow to see what funds start dumping BAC.
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