This morning, many of the leading financial stocks are declining lower at the start of the trading session. The large financial stock sector has been the darling of the market over the past 52 weeks. After all, the large financial stocks have benefited greatly from all of the actions taken by the Federal Reserve. Remember, since December 2008 the fed funds rate has been at zero percent. If this sector declines it is safe to say that the stock market will decline.
Today, leading financial stock Morgan Stanley (MS) is leading the declines in the financial sector. Earlier it was reported that Morgan Stanley received regulatory approval to purchase the remaining 35 percent interest in Smith Barney from Citigroup Inc. (C). Day traders can watch for intra-day support on MS stock around the $24.00, and $23.67 levels. Swing traders should watch for daily chart support around the $22.85 level.
Some other leading financial stocks that are declining lower today include Goldman Sachs Group Inc. (GS), Citigroup Inc. (C), Bank of America Corp. (BAC) and BlackRock, Inc. (BLK). Despite the recent pullback in the large financial stocks this sector still remains the strongest industry group in the market.
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Morgan Stanley Leads Financials Lower
Published 06/21/2013, 11:30 AM
Updated 07/09/2023, 06:31 AM
Morgan Stanley Leads Financials Lower
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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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