Major bank stocks surrendered a portion of the gains they piled up last week after the Federal Reserve sliced interest rates.
The biggest loser was BankAmerica Corp., which slipped $1.625 a share, to $44.625. Chemical Banking Corp. fell $1, to $37.875; NationsBank Corp., $1, to $48.375; and Wells Fargo & Co., $1.25, to $74.25.
There were exceptions.
J.P. Morgan & Co. was up $1 a share, to $59.375, helped by its spot in the Dow Jones industrial average, which rose 8.91 points, to 3,339.20. PNC Financial Corp. was up $1.125, to $54.375.
Among the government-sponsored enterprises, shares of the Student Loan Marketing Corp. were up $1.75, to $70.