Bank stocks just hit a record -- a record of losses.
The S&P 500 Financials Index fell for the 12th straight day Tuesday, the longest losing streak on record. Coming into the year, many cited the tax overhaul and a rising rate environment as reasons for banks to rally. Instead, they've endured pressure from a
"They're facing a rising rate environment, which historically has been fairly positive for banks," Mona Mahajan, U.S. investment strategist at Allianz Global Investors, said on Bloomberg Television. "What we're seeing here is the shrinking yield curve is actually not a good sign for the banks. Obviously, they like to borrow short, lend long, and if that yield curve is shrinking, that margin goes down as well."