The nation’s largest banks continue to lead the slide as Bank of America, the nation’s second largest lender was down 14% on Monday afternoon trading. The shock continued across the board with Citigroup dropping by 13% and JP Morgan dropping 12%.
The JP Morgan slide marked a point where the present slide is astoundingly worse than the financial crisis of 2009, underscoring how serious investors are taking the present indirectly related crisis.
Every major financial sector stock is facing similar declines in valuation with Morgan Stanley and Goldman Sachs having half day losses that also climbed over 10%.
Oil prices collapsed Monday as well as bond yields, showing investors are more concerned than just lending margin squeezes and general banking business being pressured. It is clear the market is banking on a recession caused by the Coronavirus.