Evidently they are not feeling the message of "hope" from today, Some of the industry's biggest names, including Citigroup (C, Fortune 500) and Bank of America (BAC, Fortune 500), suffered double-digit percentage declines in late morning trading, touching new 52-week lows in the process.
Last week, government regulators undertook their latest move to prop up the sector, investing $20 billion into the Charlotte, N.C.-based Bank of America to help it complete its purchase of Merrill Lynch.
State Street STT, lost more than half their value at one point Tuesday after the Boston-based firm reported a steep profit decline during the final three months of 2008 and issued a dismal forecast for 2009.
That then spilled over to other parts of the sector, affecting stocks of Pittsburgh-based PNC.
No comments:
Post a Comment