February 20, 2009

A tough Thursday on Wall Street caused more jitters for Charlotte's banking industry.The Dow Jones had its worst day in six years, closing at 7,465.Bank of America stocks closed Thursday at $3.93 a share. On that same day in 2008, shares closed at $43.50.With President Barack Obama promising hundreds of billions of dollars in stimulus and bailout money, many want to know banks reacting positively.

"Investors are not convinced that these programs are going to work, that they're going to be enough. In the meantime, the news in the economy has been very bad and they just don't see the light at the end of the tunnel," said Alan Skrainka, Chief Financial Strategist for Edward Jones.The banking industry is also worried about so-called "bank stress tests.The Obama administration said it will closely inspect the books of some banks to make sure they are worthy of taxpayer money.