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Bank Stocks Slump Ahead of Fed Rate Decision

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Financial stocks were mostly lower Wednesday ahead of a Federal Reserve decision expected to signal whether the central bank is concerned that bank collapses could spell trouble for the economy

the collapse of several banks could spell trouble for the rest of the sector and the economy.

The KBW Nasdaq index of commercial banks and the SPDR S&P Regional Banking ETF both slid about 2%. Shares of two major regional banks, PNC Financial Services Group and U.S. Bancorp , each fell more than 2%, while Capital One Financial Corp. was down about 1.5%. JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp. were each about 1% lower.

 

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