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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So what: Licking their wounds, investors bid up various large bank stocks today while hoping for some good news from Federal Reserve Chairman Ben Bernanke on federal interest rates. Bank of America (NYSE: BAC ) saw a 9.3% bounce, Wells Fargo (NYSE: WFC ) gained 6.6% at most, and JP Morgan Chase (NYSE: JPM ) notched a 5% intraday recovery. Today, none of these shares trade anywhere near Friday's closing price.
Now what: Citi's enthusiasm faded as the day wore on, even though the Money Beard promised to keep interest rates at record lows at least through 2013. This crisis seems to have reminded investors of all stripes that our banking system is brittle, and stocks are being punished accordingly. All told, Citigroup shares have lost 39% of their value in 2011, far below the S&P 500's 11% fade -- and might actually belong at these ignominious levels.
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