JPMorgan Shares Extend Losing Streak to Longest Since 1988
(Bloomberg) -- Less than a month after closing at a record high, JPMorgan Chase & Co. shares find themselves grappling with their longest losing streak in more than three decades.
Shares of Jamie Dimon-led bank fell 1.3% on Friday to close lower for a ninth straight session, their longest string of losses since March 1988. The move comes as investors have piled back into Treasuries, driving yields lower, amid concerns that a resurgence of coronavirus cases in Europe could dent global growth.
JPMorgan isn’t the only bank that has come under pressure in recent weeks. The KBW Bank Index has been hit with a losing streak of its own, falling for four straight days. Among the biggest decliners over that stretch are other major banks including Wells Fargo & Co., Bank of America Corp., and Citigroup Inc., all of which have lost at least 3.5% during that time.
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To be sure, the 4.8% loss over the past nine sessions for JPMorgan is far from its biggest dip this year. During a 10-day period in June, the lender dropped by nearly 11% which followed a similar stretch in January that saw losses reach about 9%. The current run of losses nearly came to an end after just two days, with the stock closing lower by a single penny on Nov. 11.
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