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Morgan Stanley and Citigroup post gains amid market downturn

Published Dec 05, 2023 02:22
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NEW YORK - In a market that largely trended downward on Monday, financial giants Morgan Stanley (NYSE:MS) 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 (NYSE:BAC) faced declines and Wells Fargo (NYSE:WFC) 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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Morgan Stanley and Citigroup post gains amid market downturn
 

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