Stocks sunk Thursday. The Dow decreased by 219.35 points to 8,604.99, the S&P 500 sunk 19.14 points to 885.28, and the Nasdaq fell 26.94 points to 1,552.37. Financial stocks ended the day mostly in the red with BB&T Corp., Bank of New Mellon Corp. and J.P. Morgan Chase & Co. the hardest hit.
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BB&T stock dove after Goldman Sachs Group Inc.
replaced Fifth Third Bancorp with BB&T on its sell list, saying the stock is likely to underperform. Bank of New
was down on mixed reviews from analysts. Keefe, Bruyette & Woods Inc. downgraded the shares while Citigroup Inc. gave the bank a "buy" rating. J.P. Morgan was down. The bank
sold $7.75 billion backed by the FDIC. Meanwhile, J.P. Morgan Securities announced that the
"great recession" of 2008 will end by the second half of 2009. Citigroup has set up
a committee of senior executives to manage the
TARP and $20 billion of additional capital the government gave the bank, according to Reuters.
- Maria Woehr
Troubled Wall Street
Prices at approximately 4:30 pm EST |
| Name |
Price at
open |
Price
at 4:30 pm |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
32.16 |
30.21 |
-1.65 |
112754.52 |
| Merrill Lynch & Co. |
12.66 |
11.80 |
-0.75 |
18876.84 |
| Goldman Sachs Group Inc. |
79.67 |
80.05 |
1.27 |
31655.12 |
| Morgan Stanley |
16.82 |
16.23 |
-0.27 |
17235.99 |
| Citigroup Inc. |
8 |
7.43 |
-0.40 |
40490.08 |
| Fannie Mae |
0.7094 |
0.69 |
0.00 |
742.58 |
| Freddie Mac |
0.699 |
0.69 |
-0.02 |
446.54 |
| Bank of America Corp. |
14.85 |
13.96 |
-0.66 |
70045.41 |
| Wachovia Corp. |
5.95 |
5.78 |
-0.10 |
12490.10 |
| Wells Fargo & Co. |
30.26 |
29.65 |
-0.33 |
98593.49 |
| American International Group Inc. |
1.75 |
1.67 |
-0.08 |
4492.20 |
| Sovereign Bancorp Inc. |
3 |
2.84 |
-0.18 |
1885.60 |
| National City Corp. |
1.8 |
1.67 |
-0.11 |
3400.23 |
| Fifth Third Bancorp |
7.58 |
7.61 |
0.10 |
4394.30 |
| Capital One Financial Corp. |
29.72 |
29.76 |
0.29 |
11655.75 |
| SunTrust Banks Inc. |
29.65 |
29.03 |
-0.34 |
10279.79 |
| U.S. Bancorp |
25.31 |
24.53 |
-0.67 |
43039.80 |
| Regions Financial Corp. |
8.88 |
8.36 |
-0.41 |
5784.75 |
| KeyCorp |
8.24 |
8.20 |
-0.13 |
4059.06 |
| PNC Financial Services |
46.52 |
44.46 |
-1.52 |
15478.37 |
| BB&T Corp. |
29.29 |
28.32 |
-1.92 |
15646.44 |
| Bank of New York Mellon Corp. |
28.21 |
26.36 |
-1.64 |
30249.86 |
| State Street Corp. |
41.2 |
39.06 |
-1.25 |
16872.09 |
Source: The Deal |
