Financial Stocks See Worst Week Since 2009
At the closing bell Friday afternoon the financial sector (NYSE:XLF) had run up a tally it would like to forget, dropping a total 9.2% in trading on the week. This marks the worst performance for the sector over a five day period since May of 2009. Leading losers among financials this week was Bank of America (NYSE:BAC), which fell another -8.17% Friday to hit a new 52-week low of $8.17 per share. The stock lost nearly 16% of its value in trades this week.
Citigroup (NYSE:C) was another stock crippled by investors this week, losing nearly 4% Friday and down -12.78% on the week. Things were ugly too for American International Group (NYSE:AIG), which slumped -4.59% Friday to reach a loss of -12.54% since Monday. Morgan Stanley (NYSE:MS) was the one financial that was spared somewhat compared to its peers, gaining 1.62% Friday.