JPM - Why Shares of Bank of America Charles Schwab and American Express Fell Today
2023-05-02 16:58:38 ET
Bank stocks got creamed today, as concerns over the banking crisis did not alleviate after JPMorgan Chase (NYSE: JPM) acquired most of the assets of First Republic (NYSE: FRC) , which regulators seized yesterday.
Shares of Bank of America (NYSE: BAC) fell roughly 3% today. Meanwhile, shares of Charles Schwab (NYSE: SCHW) fell 3.3%, while shares of the credit card and payments company American Express (NYSE: AXP) ended the day down 3.8%.
Today's large sell-off certainly caught me by surprise, as I thought the resolution of First Republic yesterday might put an end to some of the uncertainty that has plagued the banking sector since the banking crisis began in March.
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Why Shares of Bank of America, Charles Schwab, and American Express Fell Today