Stocks quoted in this article:
Banking issues are struggling this afternoon, as the PHLX KBW Banking Index (BKX – 844.98) has subtracted nearly 19 points, or more than two percent. This decline has pulled the index poised to its lowest intraday level since August 4. Since tallying an all-time intraday high on September 11, the BKX has slipped back below its 10-day, 20-day, and 10-week moving averages. The 10-week trendline had held as flawless support on a weekly closing basis for the previous seven weeks.
Equities sending the BKX lower today include FleetBoston Financial (FBF – 38-7/8), down 3.7 percent; Comerica (CMA – 53-7/8), down 2.7 percent; Citigroup (C – 52-3/16), down 2.6 percent; Bank One (ONE – 34-5/8), down 2.6 percent; and J.P. Morgan (JPM – 160-5/16), down 2.6 percent.