Bank stocks tumbled Tuesday on the heels of negative global economic data and concern that a financial reform bill won’t pass in the Senate.
Morgan Stanley (MS, Fortune 500), Bank of America (BAC, Fortune 500) and JPMorgan (JPM, Fortune 500) all closed about 4% lower.
Those stocks slid amid renewed concern that the Wall Street reform bill won’t be passed in time to make a July 4 deadline, as Republicans rail against a new provision that taxes the largest banks and hedge funds. The addition was tacked onto the bill late last week.
Democrats need 60 votes in the Senate to overcome a filibuster of the measure. With the death Monday of West Virginia Democrat Sen. Robert Byrd, there are now 58 Democrats in the Senate.
Uncertainty tends to hammer stocks, and the financial sector in particular has suffered from the lack of clarity about both potential legislation and the general economic recovery. The finance sector has tumbled 9.3% over the past three months.
Citi stock halted: Earlier in the session, Citigroup (C, Fortune 500) shares plunged by as much as 17% after one trade triggered a five-minute halt in its trading. A New York Stock Exchange spokesman said the trade took place off exchange, via the FINRA/Nasdaq Trade Reporting Facility.
Around 1 p.m., a trade took place valuing Citi at $3.174 when the previous trade was at $3.80, the spokesman said. The sell-off triggered a so-called “circuit breaker” that activates trading halts if a stock moves by more than 10% within five minutes.
Citi trading was stopped in all markets, and the trade in question was removed from the tape, the spokesman said. NYSE doesn’t “have any information at this time on the nature of the error, if it was an error.”
Citi recovered most of the losses by the afternoon, but shares still closed 6.8% lower.
Overall market falls: The wider stock market also suffered Tuesday, with the blue-chip Dow index (INDU) down by 230 points. An early sell-off accelerated after a reading on consumer confidence fell more than expected, to 52.9 in June from 62.7 the previous month.
The Conference Board also revised its April leading economic indicator for China sharply lower, denting hopes that the country would offset weakness in America and Europe. The research firm said a “calculation error” was the reason for the sharply downward revision.
By Julianne Pepitone
Tags: bank of america, bank stock, economic, financial, financial system, Global Economy, loans, money, us economy
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