Wells Fargo's Stock Drops Toward Longest Losing Streak In Over 8 1/2 Years

Wells Fargo & Co.'s stock slumped 0.9% to a four-month low in midday trade Thursday, which put it on track to suffer the longest losing streak since before the Great Recession, as the continued slide in Treasury yields pressured the bank sector. The stock has declined for eight-straight sessions, which would be the longest such streak since the eight-session stretch ending Oct. 19, 2007. The shares have tumbled 8.4% during their loss streak. The selloff comes as the yield on the 10-year Treasury note hit a 3 1/2-year low, and yields on 30-year Swiss bonds turned negative for the first time ever. Lower long-term interest rates narrows the spread between what banks earn by funding longer-term loans with shorter-term liabilities. The SPDR Financial Select Sector ETF fell 0.4% to a two-month low.