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Friday's Bank Stocks: Equities dip on political concerns

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Friday's Bank Stocks: Equities dip on political concerns

Equities traded down March 23, ending a rough week for markets with several political developments out of Washington.

The Big Four banks had sharper losses, sorting through a noisy week that also included a Federal Reserve decision to hike interest rates by 25 basis points. Shares of JPMorgan Chase & Co. declined 2.71% to $106.97, Citigroup Inc. fell 3.53% to $67.83, Bank of America Corp. lost 4.58% to $29.15 and Wells Fargo & Co. decreased 2.95% to $50.98.

Westbury, N.Y.-based thrift New York Community Bancorp Inc. declined 3.60% to $13.00.

In notable movers, Plano, Texas-based LegacyTexas Financial Group Inc. lost 5.32% to $41.98 and Midland, Mich.-based Chemical Financial Corp. dipped 5.27% to $52.62. San Juan, Puerto Rico-based OFG Bancorp slipped 5.29% to $10.75.

Investors continued to weigh the White House's March 22 announcement that the U.S. would impose $50 billion in tariffs on imports from China, spurring speculation that the two largest economies in the world could be headed toward a trade war. Stocks dropped as observers also worried about a looming government shutdown.

On March 23, President Donald Trump signed an omnibus bill that would keep the government running for another six months, but not before complaining that the bill did not meet his funding needs for border security and the Deferred Action for Childhood Arrivals program.

Markets traded steadily into the early afternoon but started selling off after Trump held a press event announcing his decision to sign the spending bill. The Dow Jones Industrial Average lost 1.77% to 23,533.20, the S&P 500 declined 2.10% to 2,588.26 and the Nasdaq Composite Index fell 2.43% to 6,992.67.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.

Market prices and index values are current as of the time of publication and are subject to change.