Financial stocks tumble on TARP anniversary
Bank stocks slid nearly across the board Monday, the third anniversary of the $700 billion Troubled Asset Relief Program bailout. Citigroup (C) took the hardest 9.7% fall, landing at $23.11 per share. Bank of America (BAC) hit a new 52-week low then upticked back above the previous mark after a 9.6% slide Monday. JPMorgan Chase (JPM), Wells Fargo (WFC), Goldman Sachs (GS), and Morgan Stanley (MS) stocks all fell as well. Giles Keating, head of global research for private banking and asset management at Credit Suisse, said lingering uncertainty in the euro zone continues to haunt the U.S. financial system. "Markets have been particularly influenced by the euro zone debt crisis since the depth of its uncertainty is so great. Investors are unsure what default or large scale restructuring in Greece may mean for banks, for example, and are uncertain about the very survival of the euro," Keating said in a research note published Monday. Write to Jon Prior. Follow him on Twitter @JonAPrior.