Overconfident traders wind up on the wrong side of a $30 billion bank bloodbath
|07/16/2017||Posted by BusinessMediaguide.Com under General World News||
It’s good to invest with conviction. Just not too much conviction.
That lesson rang true Friday, as overconfident traders found themselves on the wrong side of a massive bank sell-off, which at its worst erased more than $30 billion in market value.
The weakness was spurred by earnings reports from three of Wall Street’s biggest banks: JPMorgan, Wells Fargo, and Citigroup. Despite sales and profit results that largely met analyst expectations, the three firms slipped more than 1%, dragging broader financial indexes lower.
Wells Fargo and Bank of America declined at least 2.3%, while the KBW Bank Index dropped read more >>>