Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.99%0.00
Investments

Financial purge: Big bank stocks plunge

Dramatic crash in oil prices to blame

The DOW is not looking good at all as financial names take a big hit Thursday. Reeling off a 400-point loss, prices dropped below $27 for the second time in recent weeks. It settled at $26.21, the lowest point since 2003.

With the 10-year yield plunges all the way to 1.6% and short-term rates markets now beginning to price in Fed rate cuts this year, banks like Bank of America, Citigroup, JPMorgan, Wells Fargo and Goldman Sachs were hit particularly hard.

Bank of America went down -8.1%, Citigroup at -7.6%, JPMorgan at -5.1%, Wells Fargo -2.9%, and Goldman Sachs at -5.4%.

Other names like Apple, General Electric, and AT&T, also fell.

Could everyone on Wall Street brace themselves for another bad year?

Despite so much talk about rising interest rates, a whole new idea is making its way around Washington D.C. that would reverse the projected course of the Federal Reserve.

This could also be due to Federal Reserve Chair Janet Yellen’s hearing before the House Financial Services Committee Wednesday morning on the conduct of monetary policy and the state of the economy centered around the feasibility of negative Fed rates.

When asked about a Negative Interest Rate Policy in the semi-annual monetary policy hearing, Yellen said that is something that should be examined by the Federal Reserve.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please