Last Friday, the DJIA, S&P 500 and NASDAQ all closed up. But too big to fail banks lost billions of dollars in market cap.
Among the biggest losers were Citigroup — closing down 1.7%, Credit Suisse — down 1.6%, and Deutsche Bank — down 1.3%.
In the second tier, JPMorgan Chase, Barclays and Goldman Sachs closed down between 0.1% and 0.4%.
Their problem appeared to be the flattening of the Treasury yield curve.