Bank stocks barely flinched Wednesday after congressional testimony by Federal Reserve Chairman Alan Greenspan, who restated his view that the central bank must remain focused on inflation.
The Standard & Poor's bank stock index fell 0.9%, to 680.86, and the Dow Jones industrial average dropped 0.1%, to 10,972.07.
Results were mixed for the stocks of the largest banking companies. Citigroup rose 0.7%, to $47.5625, but other top companies were off. Chase Manhattan Corp. fell 1%, to $82.9375; Bank of America Corp. 0.4%, to $70; J.P. Morgan & Co. 1.1%, to $134; and Bank One Corp. 0.3%, to $57.375.
Mr. Greenspan's Senate testimony, required semiannually by the Humphrey- Hawkins Act, came a week after he gave a similar outlook to the House Banking Committee.