Stocks Down as Bank Revenues Contract

Stocks Down as Bank Revenues Contract (Bloomberg)

Substantial revenue declines are expected from most major banks; Citigroup today announced quarterly revenue may fall by more than 10% because of declines in trading revenue. Negative bank news, as well as concern over political maneuvering in Washington over the debt limit, sent both the S&P 500 and Stoxx Europe 600 down by 0.5 percent. “The market has had quite a run,” Scott Armiger, chief investment officer at Christiana Trust in Wilmington, Delaware, said. “At some point, investors are going to say ‘what’s underpinning this strong rally? We need some solid numbers.’”