April 15, 2009

Most bank stocks fell Tuesday, reflecting declines in the broader market, as investors pocketed profits ahead of more earnings reports from some of the biggest names in the industry.JPMorgan Chase & Co., which reports results on Thursday, dropped $2.05, or 6.1 percent, to $31.66, while Bank of America Corp. fell 43 cents, or 3.9 percent, to $10.59. Wells Fargo & Co. lost $1.19, or 6.1 percent, to $18.48.Stocks fell despite a better-than-expected profit report from Goldman Sachs Group Inc. late Monday.

The report came on the heels of a surprise announcement from Wells Fargo last week that it had earned a record $3 billion in the first quarter. While the results added fodder to recent optimism that business at banks is improving, investors remain on edge.Wells Fargo and Goldman Sachs are considered two of the strongest names in the financial industry, so their results aren't necessarily indicative of the rest of the sector. Many analysts warn that banks' problems, particularly rising loan losses, are far from over.