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Banking Stocks Tumble Upon Financial Services Turmoil
A wide range of financial services stocks are getting hammered in the wake of news that Lehman Brothers Holdings was filing for bankruptcy protection, AIG continued to look to stem a capital squeeze, and Bank of America Corp. agreed to acquire Merrill Lynch & Co. for about $50 billion.
The three major bank stock indeces are trading down. As of 10:48 a.m. ET, the S&P Banking Index is off 1.7%; the NASDAQ bank index is down 1.06%, and the Dow Jones US Banks Index is 4.26% lower.
The Dow Jones Industrial Average is traded 2.25% lower.
All the major bank stocks are getting hit: Bank of America (-13.68%), Wachovia Corp. (-9.6%), Citigroup (-5.18%), and JPMorgan Chase (-0.58%). Merrill Lynch stock, meanwhile is soaring, up 25.57% at $21.06 a share.
Merrill is looking like the big winner today, since its deal with BofA paying a $29-a-share price for the investment bank. Merrill stock closed on Friday at $17.05 a share.
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