Financial stocks took a broad beating Monday, with shares of the largest players falling to multi-year lows, as the Federal Reserve's "aggressive action (Bank of America Corp. (BAC) slid 7.3% toward a 3 1/2-year low; Warren Buffett's Berkshire Hathaway Inc. (BRKA) shed 5.2% toward a 3-year low; Citigroup Inc. (C) fell 7.8% toward a 4-year low; and Wells Fargo & Co. (WFC) took a 3.1% hit to an 8 1/2-year low. Meanwhile, the yield on the 10-year Treasury note fell 18.3 basis points to 0.755% ( ) it would buy an unlimited amount of Treasurys needed to ward off a credit crunch. Lower Treasury note yields could hurt bank earnings, as it could narrow the spread between what they earn on longer-term assets, such as loans, that are funded by short-term liabilities. The XLF has lost 41.5% over the past three months, while the S&P 500 has declined 30.5%.)" to help support the financial markets sets Treasury yields tumbling. The SPDR Financial Select Sector ETF (XLF) dropped 4.7% towared a 4-year low, with 87 of 90 equity components losing ground. Among the ETF's (XLF) most heavily weighted components, shares of J.P. Morgan Chase & Co. (JPM) slumped 5.1% toward a 3 1/2-year low;
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 23, 2020 14:31 ET (18:31 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.