Financial Stocks Dive After Higher Reserve Requirements
This morning, many of the leading financial stocks have pulled back from the start of the trading session. The catalyst for the pullback in the financial stocks is due to new rules being proposed by U.S. bank regulators on minimum holding company debt requirements.
Some leading financial stocks that have pulled back include JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc (NYSE:C), Wells Fargo & Co (NYSE:WFC), and Bank of America Corp (NYSE:BAC). Short term day traders should watch for intra-day support on WFC around the $41.67, and $41.25 levels.