Financial Stocks (XLF) Get Crushed
Friday was another bad day for financial stocks. Shares of the big banks and major financial companies took it on the chin.
US Bancorp (USB) dropped 3% to end the day at $22.85. JPMorgan Chase (JPM) slumped 3.8% to $37.62. Bank of America was down almost 3% and Wells Fargo (WFC) was down 3.75%.
The misery wasn't just in the banking sector. Credit card companies dropped as well. American Express (AXP) dropped over 5% to close at $38.41. Capital One (COF)slid 4.5%.
The past few weeks have been particularly brutal for the financial sector. The Financial Services Index (XLF) was down 4% today and has been down 11.5% over the past month.
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