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U.S. Financials Fall on Spain Fears

Led by Citigroup Inc.'s (C) 2.2% drop, the major U.S. banks joined their European counterparts in trading down Monday on new fears about a potential bailout for Spain. Fears about Spain's fate heightened as yields on Spanish government bonds hit their highest since the inception of the euro. If Spain is shut out of financial markets, it could require yet more help from its euro-zone peers just a month after seeking help for its banking sector. Meanwhile, several Spanish regions said they will ask the central government for help and the Bank of Spain said the country's economy contracted in the second quarter. The news sent markets down sharply across all of Europe, with the Euro Stoxx 50 index dropping 2.3%. Investors sought shelter in assets that appeared safe; U.S. financial stocks weren't among them. Citigroup declined 2.2% to $25.31, Morgan Stanley fell 1.6% to $12.59, and Goldman Sachs Group Inc. (GS) dropped 1.5% to $92.72. Bank of America Corp. (BAC) dropped 1.3% to $6.98 while Wells Fargo & Co. fell 0.4% to $33.66. U.S. insurers also tumbled: American International Group Inc. (AIG) declined 3.2% to $30.03 and MetLife Inc. (MET) was off 2.5% to $28.79. "I think some people wanted to forget about what's going on in Europe but now the negative headlines are rearing their head again," said Jonathan Corpina, senior managing partner at NYSE-floor broker Meridian Equity Partners. "When you have headlines that talk about global economic debt loads, everything goes in the same pot together--whether its financials, currencies, commodities." The yield on the 10-year U.S. Treasury note fell to a record low of 1.406%. In a German debt sale, the country was paid by investors looking to park their funds. German bunds and U.K. gilts also rallied as investors sought safety. Write to Erik Holm at erik.holm@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Citigroup (C)
DateTimeHeadline
09/26/201617:30:27Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/26/201612:15:12Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/26/201611:00:00Carnival Boosts Guidance as Profit Rises 17%
09/23/201613:15:00Citi Sells Reinsurance Block to Munich Re
09/23/201612:43:12Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/23/201606:02:55Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/22/201618:30:00Wells Fargo CEO Steps Down From Federal Reserve Advisory Council
09/22/201607:40:00Itau in Talks to Buy Citigroup Brazil Unit
09/22/201607:29:00Itau in Talks to Buy Citigroup's Brazil Consumer-Banking Arm
09/21/201616:55:59Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/21/201616:35:13Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/21/201616:27:25Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/21/201613:00:00Citi Private Bank Continues to Build out Latin American Team
09/20/201619:30:00Record Companies' U.S. Revenue Up 8.1% in First Half of 2016
09/20/201611:43:15Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/20/201610:34:24Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/20/201606:02:28Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/20/201602:00:00Pipeline Break Lights a Fire Under Gasoline Prices Across Southeast
09/19/201617:14:47Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/19/201616:54:19Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

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