Stocks declined today, as Citigroup announced it would cut 52,000 jobs — far more than initially expected. Citigroup has reduced its assets by more than 20% since the first quarter.
Banking stocks again led the market lower, as the KBW Banking Index fell 5.34% and the KBW Regional Banking Index fell 5.69%. The broader S&P 500 Index was down 4.17%.
Banking stocks increased sharply today, as the KBW Banking Index rose 6.61% and the KBW Regional Banking Index rose 9.26%. The broader S&P 500 Index was up 6.92%. The S&P 500 was down nearly 4% midday before rising sharply to close the session.
Banking stocks led the market lower today, as treasury secretary Henry Paulson announced that the U.S. government has scrapped its plan to buy impaired mortgage-related assets from the troubled banking industry.
Banking stocks declined today, as the KBW Banking Index fell 1.84% and the KBW Regional Banking Index fell 0.57%. The broader S&P 500 Index was down 2.20%.