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Bank Stocks on Shaky Ground After Big Reports

Alan Farley

Major banking funds have broken key support levels and dropped to 2018 lows, overwhelmed by eight Federal Reserve rate hikes and the most recent market swoon. Commercial and regional banks have lost ground at an equal pace in recent weeks, highlighting the broad nature of selling pressure that accelerated at the end of September. Meanwhile, Bank of America Corporation ( BAC) is struggling to hold the mid-summer low at $27.74, while Citigroup Inc. ( C) ended a refreshing period of leadership behavior at the start of 2018 and is now trading nearly 14% below the January high.