Thursday wasn’t a good day for regional banks Zions Bancorp (ZION) and Western Alliance Bancorp (WAL), as both admitted to being victims of suspected fraud related to loans to troubled property funds. Their stocks dropped 13% and 10% respectively, on the news.
With numerous other investor concerns, including the ongoing federal government shutdown, the major indexes all declined yesterday. Early Friday morning, long before the markets opened for trading, the S&P 500 futures were down 1.2%. As I write this, about an hour from the opening, they’ve recovered about half those losses.
