Big Banks: Financial Losers
NEW YORK (TheStreet) -- Bank of America (BAC) was the loser among the largest U.S. financial names on Wednesday, with shares declining more than 5% to close at $8.68.
The broad indexes all pulled back over 1%, after China's first-quarter gross domestic product growth came in at an 8.1% annualized pace, slowing from 8.9% during the fourth quarter.
A market rally during the previous session had in part reflected whispers that China's first-quarter gross domestic product report would show a surprisingly strong annualized growth rate of 9%.
 |
More Headlines
The KBW Bank Index (I:BKX) declined over 3% to close at 47.18.
JPMorgan Chase (JPM) and Wells Fargo (WFC) led off earnings season for the largest U.S. banks, and the reaction wasn't pretty despite above-consensus profits from both companies.
JPMorgan Chase
JPMorgan's shares pulled back 4% on Friday to close at $43.21. The stock has now returned 31% year-to-date, following a 20% decline during 2011.