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Financial stocks tumble on Moody’s bank downgrades

SAN FRANCISCO (MarketWatch) — Financial stocks took a turn for the worse Wednesday after downgrades of Bank of America Corp. / -2.77% , Wells Fargo & Co. +1.09% and Citigroup Inc. -0.11% by Moody’s. The Financial Select Sector SPDR ETF -1.04% , which had earlier in the session been positive, fell 1.4% in recent activity. Moody’s lowered the long-term ratings of B. of A. and Wells Fargo, while cutting only the short-term rating of Citi.

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