The market are plunging with financial stocks taking a pounding. The Dow slipped 237.91 points to 6,825.02, the S&P 500 slid 26.76 points to 708.33, and the
Nasdaq fell 40.20 points to 1,337.64.
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American International Group Inc.'s (NYSE:AIG) stock actually creeped upwards a bit on news that the government is
bailing out the insurer again. Goldman Sachs Group Inc.'s (NYSE:GS) and J.P. Morgan Chase & Co.'s (NYSE:JPM) stocks were down. They were among eight other banks underwriting HSBC Holdings plc's
record rights offer and will share about $500 million in fees. PNC Financial Services Group Inc.'s (NYSE:PNC) stock is down. The bank has
cut it
dividend to shore up extra capital. Citigroup Inc.'s (NYSE:C) stock is down as the government pressed it
to revamp its 15-member board with a majority of new independent members to send a message to Wall Street.
Meanwhile, Bank of America Corp. (NYSE:BAC) and Wells Fargo & Co.'s (NYSE:WFC) stocks are down.The banks are among 20 that are going through the
government's stress tests, which determine if they have
sufficient capital to survive the
next two years. The stress tests are expected to be completed by the
end of April. The government is supposedly using
tangible common equity, or TCE, as an indicator. Investopedia singled out several banks as contenders for a "Death Watch List". The list included Capital One Financial (NYSE:COF), Wells Fargo and Fifth Third Bancorp (NASDAQ:FITB). - Maria Woehr
.
Troubled Wall Street
Prices at 12:30pm EST |
| Name |
Price at
open |
Price
at 12:30pm |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
21.7 |
21.51 |
-1.34 |
80292.53 |
| Goldman Sachs Group Inc. |
87.86 |
86.40 |
-4.68 |
39898.18 |
| Morgan Stanley |
18.86 |
17.85 |
-1.69 |
19179.78 |
| Citigroup Inc. |
1.5 |
1.33 |
-0.17 |
7248.63 |
| Fannie Mae |
0.417 |
0.39 |
-0.03 |
422.20 |
| Freddie Mac |
0.4012 |
0.40 |
-0.02 |
258.86 |
| Bank of America Corp. |
3.61 |
3.40 |
-0.55 |
21734.67 |
| Wells Fargo & Co. |
10.98 |
10.69 |
-1.41 |
45204.06 |
| American International Group Inc. |
0.5183 |
0.48 |
0.06 |
1291.17 |
| Fifth Third Bancorp |
2.01 |
1.91 |
-0.20 |
1102.87 |
| Capital One Financial Corp. |
11.5 |
10.35 |
-1.70 |
4028.22 |
| SunTrust Banks Inc. |
11.45 |
11.23 |
-0.80 |
3981.20 |
| U.S. Bancorp |
13.59 |
13.29 |
-1.02 |
23323.95 |
| Regions Financial Corp. |
3.18 |
3.50 |
0.08 |
2431.21 |
| KeyCorp |
6.78 |
6.70 |
-0.31 |
3316.51 |
| PNC Financial Services |
26.92 |
25.94 |
-1.40 |
11491.42 |
| BB&T Corp. |
15.53 |
15.45 |
-0.68 |
8640.38 |
| Bank of New York Mellon Corp. |
21.56 |
21.79 |
-0.38 |
25025.10 |
| State Street Corp. |
22.74 |
22.07 |
-3.20 |
9524.48 |
Source: The Deal |
