Financial firms led declines in U.S. stocks Thursday as investors retreated from financials because of concerns over banks' foreclosure practices.
The KBW Bank Index fell 2.63%, to $46.34.
Bank of America Corp. dropped 69 cents, or 5.2%, to $12.60, and JPMorgan Chase & Co. fell $1.12, or 2.8%, to $38.72. Both are among the wave of banks reviewing their foreclosures after temporarily suspending evictions due to concerns over "robo signers," who approve hundreds of foreclosure documents a day.
Wells Fargo fell 4.22%. to $24.72. Citigroup Inc. shares fell 19 cents, or 4.5%, to $4.06.
Regional banks were affected, too. Huntington Bancshares shed 16 cents, or 2.6%, to $5.72, while Fifth Third Bancorp fell 36 cents, or 2.8%, to $12.34.