Banks Fall Amid Covid Closures, Ahead of Earnings Week
Investing.com
Published Jul 09, 2020 10:53AM ET
Updated Jul 09, 2020 04:11PM ET
By Christiana Sciaudone
Investing.com -- Financials traded lower on Thursday ahead of earnings reports that start being released next week. The S&P 500 Financials fell 2.2%, and the Dow fell 1.4%.
Banks are falling as parts of the U.S. close back down amid growing coronavirus infections across the country. Citigroup Inc (NYSE:C) dropped 2.8%, and Wells Fargo (NYSE:WFC) by 2.1%
Bank of America (NYSE:BAC) fell 1.4%, to $22.77, after DA Davidson downgraded the stock to neutral from buy with a $25 price target, according to Briefing.com. BofA has nine buy ratings, six holds and no sells, according to data compiled by Investing.com, with an average price target of $28.33.
BofA shares are down about 35% in 2020.
DA Davidson upgraded JPMorgan Chase (NYSE:JPM) to buy from neutral, but the stock still dropped 2.2%, to $91.28. The bank has seven buys, six holds and no sells, according to data compiled by Investing.com. JPMorgan has an average price target of $107.58.
JPMorgan is down about 33% this year.
Both JPMorgan and BofA report earnings next week.
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