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Thursday's Bank Stocks: Wells Fargo slips following latest allegations

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Thursday's Bank Stocks: Wells Fargo slips following latest allegations

Wells Fargo & Co. shares fell 1.49% to $54.22 on Thursday, May 17, following new allegations reported by The Wall Street Journal.

A Wells Fargo unit that handles business banking improperly altered information on documents related to its corporate customers, according to the report, which cited people familiar with the matter.

Overall, U.S. markets closed the day marginally lower. The Dow Jones Industrial Average declined 0.22% to 24,713.98, the S&P 500 dipped 0.09% to 2,720.13 and the Nasdaq Composite Index lost 0.21% to 7,382.47.

Bank of America Corp. lost 0.80% to $30.81, Citigroup Inc. slipped 0.54% to $71.56 and JPMorgan Chase & Co. declined 0.34% to $112.96.

Among notable movers, Berkshire Hills Bancorp Inc. gained 2.23% to $39.05, Associated Banc-Corp rose 1.87% to $27.30, Signature Bank lost 1.19% to $130.07 and Sterling Bancorp sank 1.21% to $24.55.

In economic news, initial claims for U.S. unemployment benefits came in at 222,000 in the week that ended May 12, an increase of 11,000 from the previous week's unrevised level of 211,000, the U.S. Labor Department said. The four-week moving average fell 2,750 to 213,250 from an unrevised average of 216,000, marking its lowest level since Dec. 13, 1969.

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