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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 Wells Fargo (WFC)
DateTimeHeadline
09/28/201619:01:00Wells Fargo CEO's Isn't Out of Danger Despite Pay Clawback...
09/28/201617:20:00California Treasurer to Suspend Some Business With Wells Fargo...
09/28/201617:03:00Wells Fargo's Clawback: Politicians, Pay Experts Dig In
09/28/201616:54:05Current Report Filing (8-k)
09/28/201615:42:00Yellen Pressed to Scrutinize Big Banks in Wake of Wells Fargo...
09/28/201615:36:00California Treasurer to Suspend Some Business With Wells Fargo
09/28/201613:39:00Wells Fargo CEO Still Faces Risks, Despite $41 Million Clawback...
09/28/201613:30:00Wells Fargo CEO John Stumpf Still Faces Risks, Following $41...
09/28/201613:11:00Wells Fargo CEO John Stumpf Still Faces Risks, Following $41...
09/28/201610:35:22Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/28/201609:49:00U.S. Hot Stocks: Hot Stocks to Watch
09/28/201608:40:00Wells Fargo Isn't the Only Bank That Draws Cross-Selling Complaints
09/28/201606:59:00Wells Fargo Isn't the Only Bank That Draws Cross-Selling Complaints
09/28/201606:15:05Current Report Filing (8-k)
09/28/201603:02:00Wells Claws Back CEO Pay -- WSJ
09/27/201620:04:00Wells Fargo Claws Back Millions From CEO After Scandal
09/27/201618:57:00Independent Directors of Wells Fargo Conducting Investigation...
09/27/201618:01:00Bernstein Liebhard LLP Announces That A Suit Has Been Filed Against...
09/27/201617:19:00Wells Fargo Board Actively Considering Executive Clawbacks...
09/27/201615:42:00Wells Fargo to Pay $400,000 Over Alleged Swaps Reporting Failure

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