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.
For further details see:
Why Shares of Bank of America, Charles Schwab, and American Express Fell Today