Fears of bank nationalization brought the markets down Thursday. The Dow dove 49.94 points to 7,505.69, the
S&P 500 sunk 3.50 to 784.92, and the
Nasdaq fell 12.74 points to 1,455.23. Citigroup Inc. shares almost fell to
18-year lows with Bank of America Corp. stock right behind.
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Citigroup's shares sank. Thursday morning the bank announced director
Roberto Hernandez Ramirez is stepping down. He will be reimbursed for his use of a private aircraft when he
steps down in April. Meanwhile, Bank of America shares took a dip. Credit card defaults may rise beyond 10% this year, wiping out more than half of the annual profit for BofA and J.P. Morgan Chase & Co., according to
analysts. Wells Fargo & Co. and BofA agreed to
extend
their foreclosure moratoriums in support of President Obama's plan to help 9 million homeowners avoid
foreclosure. Capital One Financial Corp.'s stock was also down because
defaults on its U.S.-issued credit cards rose in January as unemployment rose, making analysts believe the bank might have to cut its 2009 dividend.
Goldman Sachs Group Inc.'s shares were up after BofA analyst Guy Moszkowski reported Goldman has
returned to profitability after boosting fees it charges customers for
trades and will probably report first-quarter earnings of
$1.58 a share.
- Maria Woehr
Troubled Wall Street
Prices at 2:30pm EST |
| Name |
Price at
open |
Price
at 2:30pm |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
22.07 |
21.43 |
-0.08 |
79993.91 |
| Goldman Sachs Group Inc. |
86.41 |
87.54 |
3.04 |
40424.61 |
| Morgan Stanley |
20.76 |
20.69 |
0.51 |
22231.36 |
| Citigroup Inc. |
3 |
2.60 |
-0.31 |
14170.26 |
| Fannie Mae |
0.617 |
0.58 |
-0.01 |
624.20 |
| Freddie Mac |
0.63 |
0.57 |
-0.01 |
369.07 |
| Bank of America Corp. |
4.06 |
4.20 |
-0.37 |
26848.70 |
| Wells Fargo & Co. |
12.91 |
12.65 |
-0.40 |
53492.18 |
| American International Group Inc. |
0.721 |
0.63 |
-0.10 |
1694.66 |
| Fifth Third Bancorp |
1.56 |
1.24 |
-0.23 |
715.67 |
| Capital One Financial Corp. |
11.22 |
9.70 |
-1.25 |
3775.24 |
| SunTrust Banks Inc. |
7.81 |
7.02 |
-0.44 |
2488.70 |
| U.S. Bancorp |
11.21 |
10.95 |
-0.07 |
19217.25 |
| Regions Financial Corp. |
3 |
2.71 |
-0.28 |
1873.60 |
| KeyCorp |
6.3 |
5.75 |
-0.43 |
2846.26 |
| PNC Financial Services |
26.4 |
24.43 |
-1.17 |
10822.49 |
| BB&T Corp. |
14.98 |
14.20 |
-0.41 |
7941.32 |
| Bank of New York Mellon Corp. |
24.14 |
23.97 |
0.29 |
27528.76 |
| State Street Corp. |
24.01 |
23.11 |
-0.57 |
9973.30 |
Source: The Deal |
