Financials Down As Treasury Rates Tick Up -- Financials Roundup
Banks, lenders and other financial companies declined as Treasury rates ticked down.
Shares of Citigroup ticked up after the banking giant posted its largest ever quarterly loss, weighed down by a charge related to the new tax bill. Citi's losses were the result of a change to the value of its deferred tax assets, but the bank's chief executive, Michael Corbat, noted that the net effect of the tax bill will be positive, given the lower corporate-tax liabilities and the effects on clients' businesses.
Goldman Sachs Group is expected to report a similar tax charge.
The price of bitcoin plunged, falling as much as 20% to around $11,000 amid signs that China and South Korea are intensifying regulatory crackdowns on the digital currency. "Bucket-shop" style trading in Asia has been among the factors in bitcoin's dizzying rise in the last three months. The sell-off could also be related to the imminent expiry of new futures contracts on bitcoin at major exchanges, including one operated by Chicago Board Options Exchange owner CBOE.
--Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
January 16, 2018 16:43 ET (21:43 GMT)