Shares of many large bank stocks fell today along with the broader market sell-off that saw the Dow Jones Industrial Average shed more than 600 points and the S&P 500 index fall 1.7%. Shares of Citigroup (NYSE: C) fell close to 4%, while shares of Bank of America (NYSE: BAC) , Goldman Sachs (NYSE: GS) , and JPMorgan Chase (NYSE: JPM) all dropped more than 3% today.
Banks across the board are sliding today with the KBW Nasdaq Bank Index , which tracks the largest banks in the U.S., falling nearly 3%. Large banks are considered to be more stable, so any kind of 3% or 4% move is significant.
The decline partly had to do with the broader market sell-off, which was stoked by fears surrounding the Chinese real estate market, and more specifically the large Chinese property developer, Evergrande Group , which is facing billions in debt and potential default.
For further details see:
Why Shares of Bank of America, Citigroup, JPMorgan, and Goldman Sachs Fell Today