Shares of all the major U.S. bank stocks struggled today, along with the Dow Jones Industrial Average , which at one point fell 1,000 points on this shortened day of trading -- the worst drop for the index in all of 2021.
Shares of America's largest bank by assets, JPMorgan Chase (NYSE: JPM) , had fallen 3.4% as of 12:30 p.m. EST, while shares of the second-largest bank in the U.S., Bank of America (NYSE: BAC) , dropped more than 4%. Meanwhile, the more beaten-down Citigroup (NYSE: C) had fallen more than 3%, and Wells Fargo (NYSE: WFC) declined more than 5%. These are big daily moves for more stable large-cap stocks.
While Americans were enjoying their Thanksgiving meals, multiple media outlets reported that a new variant of the coronavirus had emerged in South Africa known as B.1.1.529 variant.
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Why Shares of Wells Fargo, Citigroup, Bank of America, and JPMorgan Chase Are Falling Today