Major bank stocks slipped another notch on Monday as both the stock and bond markets sold off in reaction to the continued decline of the dollar in international exchange.
"Definitely a day to stay on the sidelines and look for opportunities to be pursued later," said Frank J. Barkocy of Advest Inc.
Among the big decliners in late trading, MBNA Corp., the credit card issuer, fell 87.5 cents to $25, Crestar Financial Corp. slid 87.5 cents to $46, Fifth Third Bancorp. dropped 75 cents to $51.25, and State Street Boston Corp. slipped 62.5 cents up $39.875.
Shares of First USA Inc., also a card issuer, fell $2.75 to $37.50 after Furman Selz Inc. initiated coverage with a "sell" rating.
Furman Selz said First USA's margin's will be pressured as the interest rates the company pays increase faster than the rates it can charge customers.