Financial stocks took a pummeling in the broad market Monday and the American Banker index of 225 banks shed 5.39% as a selloff in the troubled technology sector infected the entire market.
Shares of the largest U.S. banks were among the hardest hit, the American Banker index of the top 50 banks falling 4.71% Monday. J.P. Morgan Chase & Co. led the way, losing 7.07% to $45.49, Citigroup Inc. fell 4.13%, to $47.10, and Bank One Corp. dropped 5.26%, to $34.20. Bank of America Corp. fell just 1.68%, to $51.62. Even Wall Street darlings Northern Trust Corp. and Bank of New York Co. lost, the Chicago company falling 6%, to $62.6875, and Bank of New York 4.47%, to $47. Nor were thrifts spared, including Washington Mutual Inc., which had the biggest drop in that sector in falling 6.32%, to $49.98.