Bank stocks have seen their share price plummet this year, but they still have a chance to regain some of their popularity in the coming weeks.
The latest report by Bloomberg New Markets shows that the Bank of New York Mellon (BNY Mellon) stock index has lost about 8% of its value, its largest one-day fall since 2007.
BNY Mellon stock is down about 16% over the past year, according to data from FactSet.
The stock index fell about 6% this week, the lowest weekly loss since January.
That’s a significant drop for a stock that is up about 50% from the year-earlier start of the year.
But the stock’s drop in the last three days doesn’t reflect a drop in sentiment.
The index rose last week after President Donald Trump announced a $50 billion stimulus package, while the Dow Jones Industrial Average (DJIA) surged.
On the other hand, the stock market is still outperforming the broader market.
The benchmark S&P 500 (SPX) is up more than 11% this year.
It’s not the best week to take a dive on the S&s stock index, but it’s not out of the woods either.
The S&ams is up almost 7% this month.
The Dow Jones has lost 6% since Trump’s first address to Congress, the last of his first 100 days in office.