Shares of national banks fell Thursday, as oil prices advanced and Wall Street tackled fresh concerns about the health of the financial sector.
A decline in financial stocks weighed on the broader market, as investors worry that the government may be forced to bail out mortgage financiers Fannie Mae and Freddie Mac. Investors were also jolted after a Citigroup analyst cut his third-quarter estimates on investment banks Lehman Brothers Holdings Inc., Goldman Sachs Group Inc. and Morgan Stanley, on expectations for more big writedowns.
A surge in oil prices, up more than $6 a barrel in midafternoon trading, also rattled investors and stoked concerns about inflation.
Here's how national banks performed in afternoon trading:
JPMorgan Chase & Co. fell $1, or 2.7 percent, to $36.
Wells Fargo & Co. lost 40 cents to $28.52, while Bank of America Corp. shed 60 cents, or 2.1 percent, to $28.69.
Washington Mutual Inc. fell 14 cents, or 3.4 percent, to $3.96.
Wachovia Corp. dropped 50 cents, or 3.4 percent, to $14.40.
Citigroup Inc. fell 29 cents to $17.20.