- Revenue Cycle Management
- COVID-19
- Reimbursement
- Diabetes Awareness Month
- Risk Management
- Patient Retention
- Staffing
- Medical Economics® 100th Anniversary
- Coding and documentation
- Business of Endocrinology
- Telehealth
- Physicians Financial News
- Cybersecurity
- Cardiovascular Clinical Consult
- Locum Tenens, brought to you by LocumLife®
- Weight Management
- Business of Women's Health
- Practice Efficiency
- Finance and Wealth
- EHRs
- Remote Patient Monitoring
- Sponsored Webinars
- Medical Technology
- Billing and collections
- Acute Pain Management
- Exclusive Content
- Value-based Care
- Business of Pediatrics
- Concierge Medicine 2.0 by Castle Connolly Private Health Partners
- Practice Growth
- Concierge Medicine
- Business of Cardiology
- Implementing the Topcon Ocular Telehealth Platform
- Malpractice
- Influenza
- Sexual Health
- Chronic Conditions
- Technology
- Legal and Policy
- Money
- Opinion
- Vaccines
- Practice Management
- Patient Relations
- Careers
Bank Stocks Take a Nosedive
The stock market started the day with slight gains after news of the death of North Korea's Kim Jung Il, but finished the day down when bank stocks fell after news out of Europe.
Although the Dow Jones started the day up after Sunday’s news that North Korea’s leader Kim Jung Il had passed away, the market quickly erased the gains as bank stocks dragged the markets down.
For the first time in three years Bank of America dropped below $5, while the Dow Jones dropped over 100 points.
The overall drop followed cautious comments by Mario Draghi, president of the European Central Bank, on the state of Europe’s economy. Draghi is still reluctant to buy more bonds of European Union governments, according to Reuters. He also said that next year would be difficult for banks.
Then European Union Finance Ministers could only agree on providing $195 billion in aid through the International Monetary Fund instead of $261 billion.
The Wall Street Journal
Bank stocks then fell after reported that the Fed was “set to embrace rules by regulators in Basel, Switzerland, requiring major financial institutions to hold extra capital.”
Other bank stocks that shed a lot were Citigroup Inc., which was down almost 5% at the end of the day, and JP Morgan Chase & Co., which was down 3.73%. Morgan Stanely was down 5.47%.
