Market Overview

Big Banks Fall (JPM, C, BAC, MS)

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Bank stocks came under pressure once again today after reports surfaced that regulators are investigating whether they misled ratings agencies about the safety of certain mortgage-backed securities.

Reuters and The Associated Press both reported that the New York Attorney General Andrew Cuomo is investigating whether eight banks misled ratings agencies.

With all the uncertainty surrounding financial regulation and criminal investigations, bank stocks have suffered in the last month and today was no different. Here are how some large banks fared in today's trading.

JP Morgan (NYSE: JPM) fell 88 cents, or 2.11%, to $40.81.

Citigroup (NYSE: C) fell 9 cents, or 2.15%, to $4.09.

Bank of America (NYSE: BAC) fell 19 cents, or 1.11%, to $16.88.

Morgan Stanley (NYSE: MS) fell 17 cents, or 0.61%, to $27.63.

 

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Posted-In: Andrew Cuomo Associated Press ReutersGlobal Intraday Update Movers