E-Trade leads losses; financials worst on S&P 500
7/20/12 5:20 PM ET (MarketWatch)
SAN FRANCISCO (MarketWatch) -- E-E*TRADE Financial Corp. and First Horizon National Corp. led financial shares deep into negative territory on Friday, weighing on the broader S&P 500.
E-Trade (ETFC) closed down 5.5% after it reported late Thursday that its second-quarter earnings fell 16% as revenue came in sharply lower on weak trading volume.
Shares of First Horizon National (FHN) also slumped 5.4% on the heels of reporting a second-quarter loss. The company took charges related to mortgage repurchases as its provision for bad loans surged.
Other notable decliners included Genworth Financial Inc. (GNW) , Metlife Inc. (MET) , and Lincoln National Corp. (LNC)
The Financial Select Sector SPDR ETF (XLF) , which tracks the financial stocks in the S&P 500
, fell 1%.
All four financial stocks in the Dow Jones Industrial Average -- Bank of America Corp. (BAC) J.P. Morgan Chase & Co. (JPM) American Express Co. (AXP) and Travelers Cos. (TRV) -- finished weaker.
U.S. equity benchmarks, including the Dow
, moved broadly lower during the session but still closed out the week marginally stronger. Read more in Market Snapshot