Bank worries sink Wall Street; Citi plunges [View All]

[seemslikeadream]

http://www.reuters.com/article/usMktRpt/idUSN2025686220090220

* Bank nationalization fear grips market

* Bank of America, Citigroup lead financial sell-off

* Dow and S&P 500 down 1 pct; Nasdaq off 0.4 pct

By Ellis Mnyandu

NEW YORK, Feb 20 (Reuters) - U.S. stocks tumbled on Friday, depressing the Dow to levels last seen more than six years ago as investors worried a financial sector rescue might involve nationalization of major banks, wiping out shareholders.

The mounting fear sent investors scurrying to the relative safety of U.S. government bonds <US10YT=RR> and gold <XAU=>, which rose above $1,000 an ounce.

Shares of Bank of America (BAC.N) tumbled more than 15 percent to $3.35, while Citigroup (C.N) slid more than 18 percent to $2.06. For a moment after the market open, Citi traded below $2, contributing to a 4.8 percent drop in the KBW Banks index .BKX.

"There's a lack of confidence in the government to get us out of this and that has people sitting on their hands and not willing to buy," said Matt McCall, president of Penn Financial Group in Ridgewood, New Jersey. "There's that fear that we nationalize banks and this market gets killed."



http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5095567

interesting prediction....Citi bank and BOA are goin down within 60 days maybe lots sooner