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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
08/28/201516:04:00Suzanne Morrison to lead Wells Fargo Carolinas Commercial Banking
08/28/201516:03:00Wells Fargo Advantage Closed-End Funds to Be Renamed
08/28/201515:22:33Current Report Filing (8-k)
08/28/201514:09:47Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/28/201514:07:37Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/28/201512:25:58Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/28/201511:56:02Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/27/201510:57:24Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/27/201510:00:00Wells Fargo Eyes Metro Park for New Commercial Hub in Central...
08/26/201519:31:00Margin Calls Bite Investors, Banks
08/25/201522:20:00USA Discounters Seeks Bankruptcy Protection
08/25/201513:00:00Wells Fargo Creates ‘Steps to Better Banking’
08/25/201512:58:00Covidien, Dow Corning, and Hilton Worldwide Are 2015 AFP Pinnacle...
08/25/201511:24:33Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/25/201509:48:00Covidien, Dow Corning, and Hilton Worldwide Are 2015 AFP Pinnacle...
08/25/201508:00:00John Coad Named National Sales Manager for Wells Fargo SBA Lending
08/24/201511:05:00Wells Fargo Securities Research and Economics Group Adds Three...
08/21/201517:27:22Current Report Filing (8-k)
08/20/201516:00:00Wells Fargo & Company Declares Cash Dividends on Preferred Stock
08/20/201514:15:10Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

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