Bank stocks and the broader markets fell Friday, as investors took profits from recent rallies.
The KBW Bank Index fell 1.63%, after rising 3.35% Thursday as a number of regional banking companies posted positive trends within their third-quarter results. The index ended the week down 1.71%.
Decliners Friday included JPMorgan Chase & Co., which fell 1.1%, Bank of America Corp., 1.8%, Wells Fargo & Co., 2.8%, U.S. Bancorp, 1.6%, SunTrust Banks Inc., 3.9%, Regions Financial Corp., 4.8%, Fifth Third Bancorp, 4.3%, and Synovus Financial Corp., 65 cents, to $2.92.
Gainers included PNC Financial Services Group Inc., which rose 3.5%, Capital One Financial Corp., 6.8%, and Associated Banc-Corp., 2.1%.
Citigroup Inc.'s stock was unchanged from Thursday's close of $4.46.
The Dow Jones industrial average fell 1.08% and the Standard & Poor's 500 index fell 1.22%.
Economists at Wells Fargo Securities wrote in a note Friday that the economic recovery will likely be slow, in large part because of the public policy decisions being deliberated in Congress.
"Hiring plans and hours worked remain depressed as businesses weigh risks of health-care reform, cap-and-trade legislation and less-friendly business conditions," the economists wrote.
