The Dow Jones Industrials Average
These worries have flowed through to economically sensitive sectors like banking and energy, with both being the two worst performing sectors today.
It's not just Europe
The weakness that's being seen in the banking sector can't be squarely placed on the shoulders of the Greeks though, as JPMorgan
JPMorgan is trading 3.14% lower and Bank of America
At the end of the day I'm of the belief that banking remains incredibly cheap right now. The big finance heavies continue to trade at deep discounts to their historic price-to-book ratios. With that said, though, this sector isn't for those with a weak stomach. Banking will likely continue to be a volatile sector over the next few years. With more regulation a possibility right alongside more potential balance-sheet landmines in the form of mortgage defaults, the level of uncertainty remains high. For those with a high risk tolerance and a long-term horizon, though, financials may be the best sector for you to be in.
One other option
If you're still bearish on finance stocks, though, you're not alone, and there are still huge opportunities out there, including one stock our chief investment officer named The Motley Fool's Top Stock for 2012. You can learn more about this emerging market retailer before the Wall Street hot shots are keen to the opportunity by just clicking here for your copy of our special free report.
Austin Smith owns shares of JPMorgan Chase and has Citigroup warrants expiring Jan. 4, 2019, but has no financial stake in the other companies mentioned here. The Motley Fool owns shares of Citigroup, JPMorgan Chase, and Bank of America. The Fool owns shares of and has created a covered strangle position in Wells Fargo. Motley Fool newsletter services have recommended buying shares of Wells Fargo. The Motley Fool has a disclosure policy.