SAN FRANCISCO (MarketWatch) � Shares of Citigroup Inc. and other large banks dragged financial stocks into the red Tuesday, after Citigroup reported a drop in fourth-quarter earnings.
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Shares of Citigroup C �fell 8.2%, their biggest one-day percentage drop since Oct. 3, when the stock closed down 9.8%.
On Tuesday, the bank reported its fourth-quarter profit fell 11% from a year earlier as choppy capital markets overshadowed evidence of the bank�s continued recovery from the financial crisis. Read MarketWatch coverage of Citigroup earnings
Blue chip J.P. Morgan Chase JPM �also saw shares close down with a loss of 2.8%. J.P. Morgan Chase reported quarterly results last Friday. Read more about 23% drop in profit.
Shares of Wells Fargo & Co. WFC �bucked the trend and closed higher, gaining 0.7%. The San Francisco-based company reported fourth-quarter results in which earnings rose. Read MarketWatch coverage of Wells Fargo results
The Financial Select Sector SPDR ETF XLF , which measures the performance of financial stocks in the S&P 500 index SPX , fell 0.8%. The SPDR S&P Bank ETF KBE �declined 0.9%.
Of the ten sectors in the S&P 500, financial stocks were the only loser on the day.
Of the other financial stocks on the Dow Jones Industrial Average DJIA �, Bank of America Corp. BAC �shares fell 2%, while shares of American Express Co. AXP �rose 0.9% and Travelers Cos. TRV �shares advanced 0.5%.
Other notable decliners on the day included Morgan Stanley MS , Fifth Third Bancorp. FITB �, IntercontinentalExchange Inc. ICE �, and MetLife Inc. MET �
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