Market Overview

Financial Stocks Fall (C) (JPM) (AXP) (BAC)

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Share prices of financial stocks took a beating on Monday as fears about interest rate policy and the condition of the global economy took their toll on investor confidence.

Financial firms across the board had down days with firms like Citigroup, Inc. (NYSE: C) falling over 2%, JPMorgan Chase & Co. (NYSE: JPM) falling over 1.5%, American Express Company (NYSE: AXP) down 2.80% and Bank of America Corporation (NYSE: BAC) falling nearly 3.5%.

Investors were spooked by a Wall Street Journal article that said that Federal Reserve Chairman Ben Bernanke will prepare to begin credit tightening later this year.

Investors were also concerned about the creditworthiness of several countries in Europe.

 

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