Stocks slumped on Friday after two big financial firms reported weaker quarterly revenue and a plunge in consumer sentiment revived concerns about the economic outlook. Both Citigroup and Bank of America are in a recovery mode. The financial stocks are hyper-sensitive to any events.
My feelings are to buy more of these stocks as the they drop. When, not if they bounce back, you will reap the rewards.
There is positive news. The Consumer Price Index(CPI), which is a measure of inflation at the consumer level fell 0.1% in June. This was expected and in line with forecasts. Inflation remains tame.
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