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27.03.2020 17:16:00

Here's Why Wells Fargo, JPMorgan Chase, Citigroup, and Bank of America Shares Are Down Friday

After its first multiday rally since early February, the stock market is in the red on Friday. As of 11:30 a.m. EDT, the Dow Jones Industrial Average and the S&P 500 benchmark indexes were both down by about 3%.As has been rather typical during the recent market turbulence, bank stocks are doing even worse. Checking in on the "big four" U.S. banking institutions, Wells Fargo (NYSE: WFC) and Citigroup (NYSE: C) are both down by 4% today, while JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) are both off by well over 5%.During recessions, demand for loans can decline sharply. Image source: Getty Images.Continue reading
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