The S&P was down 4.4% today…. so bank stocks that went down more than 4.4% have something going on. The concern is that European banks are about to fail, and interbank lending will cause other banks to fail.
So here is how the various banks did today (ranked by market cap)
JP Morgan –5.58%
Wells Fargo -7.67%
Citigroup -10.47%
Bank of America -10.92%
Bank of Nova Scotia -2.85 (Canada)
UBS -7.54% (Scotland)
US Bancorp -8.3%
Deutsche Bank -11.59% (Germany)
BNY / Mellon -7.82%
PNC -8.19% (Pittsburgh National)
Capital One +0.56%
State Street -6.79%
BB&T -10.66%
SunTrust -11.46%
Fifth Third -10.71%
Northern Trust -7.45%
Keycorp -10.4%
Regions Financial -11.51%
JP Morgan -5.58%
Comerica -9.63%
Zions Bancorp -10.88%
City National -7.87%
The reason for Capital One going up was they were in the news today – they agreed to buy $30 billion of credit card accounts from HSBC
Hey, there is nothing at all to worry about.
Bank of America (which was about to go tits up AGAIN) has received a send $500 million “silent” bailout from Fannie courtesy of your grandchildren.
In exchange your grandchildren just bought a gigantic bag of s*** mortgages that will be turned into Section 8 McMansions for Obama voters (whose lifestyles of “oppression” will continue courtesy of you, your children, and several generations more of your offspring).
All is well. What time does “Dancing with the Celebrity brain donors” come on tonight? Did you see this cool new app on my crackberry? Look, over there– more shiny s***! Let’s go shopping…
LOL, You said it brother !!