BofA’s stock falls to three-year low amid economic uncertainty, lack of perceived catalysts
Banking stocks were taking a broad beating Friday as uncertainty about the health of the economy and an apparent lack of positive catalysts continue to give investors pause.
The KBW Nasdaq Bank Index BKX was down 2.6% to $71.51. It’s on track to close at its lowest level since September 25, 2020, when it closed at $71.08, according to Dow Jones Market Data.Also read: S&P 500 on track to join Nasdaq in correction territory as stocks head for another weekly loss Among the Financial Select Sector SPDR ETF’s more active components, shares of JPMorgan Chase & Co. JPM, -3.71% sank 3.5%, the biggest one-day drop since they fell 3.8% on March 17. It was headed for the lowest close since May 31.
Among the financial ETF’s other large banks, shares of Citigroup Inc. C, -2.87% slid 2.5% toward a 3½-year low, shares of Wells Fargo & Co. WFC, -2.27% dropped 2.1% and shares of Morgan Stanley declined 2% to a 2½-year low.
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