NEW YORK - In a market that largely trended downward on Monday, financial giants Morgan Stanley and Citigroup Inc (NYSE:C). managed to buck the trend, each marking their fourth consecutive day of stock gains. While the broader market saw declines, with the S&P 500 falling 0.54% to 4,569.78 and the Dow Jones Industrial Average dipping 0.11% to 36,204.44, these two firms stood out for their resilience.
Morgan Stanley's shares edged up by 0.40%, closing at $81.21, a notable performance given the overall market sentiment. However, despite this uptick, the stock remains significantly below its February high of $100.99. The trading volume for Morgan Stanley was subdued, with only 6.6 million shares changing hands compared to the 50-day average of 8.8 million.
Citigroup also saw a modest increase of 0.30%, with its shares ending the day at $47.37. The bank's stock is still trailing its February peak by $5.86 but managed to outperform some of its rivals in a mixed day for financial stocks; JPMorgan Chase (NYSE:JPM) advanced by 0.73%, while Bank of America faced declines and Wells Fargo secured modest gains.
In addition to these banks, BlackRock Inc (NYSE:BLK)., an investment management corporation, recorded a slight gain of 0.01% to close at $756.43, marking its fourteenth straight day of gains and nearing its yearly high—just $25.34 short of February's peak price point. BlackRock's trading volume exceeded its 50-day average with over 735,000 shares traded.
The performance of these financial institutions stands in contrast to the broader market downturn and highlights a divergence within the sector, with some firms like JPMorgan Chase and Wells Fargo also seeing gains while others like Charles Schwab (NYSE:SCHW) experienced losses.
Investors are keeping a close eye on these developments as they may indicate underlying strengths or weaknesses within the financial sector that could become more pronounced if the broader market continues to face headwinds.
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