Bank shares severely beaten as Treasury yields fall

Financial shares were suffering a broad beating Thursday, as Treasury yields sank in the wake of the Federal Reserve’s detailing of its tapering plans.

As the Bank of England held off on an expected rate hike, the SPDR Financial Select Sector ETF dropped 2.0% with 61 of 65 equity components losing.

Within the Dow Jones Industrial Average, Goldman Sachs Group Inc.’s shares recorded the biggest losses, as it fell $13.49, or 3.2%.

Shares of JPMorgan Chase & Co. lost 2.3%, Bank of America Corp. dropped 3.0%, Citigroup Inc. slid 3.4% and Wells Fargo & Go. shed 2.9%.