Banks Fall Amid Covid Closures, Ahead of Earnings Week By

© Reuters.

By Christiana Sciaudone —   Financials traded lower on Thursday ahead of earnings reports that start being released next week. The is down 2.2%, and the Dow is falling 1.3%. 

Banks are falling as parts of the U.S. close back down amid growing coronavirus infections across the country. Citigroup Inc (NYSE:) dropped 2.7% and Wells Fargo (NYSE:) by 2.2%

Bank of America (NYSE:) fell 2%, to $22.64, after DA Davidson downgraded the stock to neutral from buy with a $25 price target, according to BofA has nine buy ratings, six holds and no sells, according to data compiled by, with an average price target of $28.33.

BofA shares are down about 37% in 2020.

DA Davidson upgraded JPMorgan Chase (NYSE:) to buy from neutral, but the stock was still dropping 1.8%, to $91.65, according to The bank has seven buys, six holds and no sells, according to data compiled by JPMorgan has an average price target of $107.58.

JPMorgan is down about 35% this year. 

Both JPMorgan and BofA report earnings next week.


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