The Federal Reserve rejected Citigroup Inc.'s (C) capital plan after the close Wednesday. Citigroup had requested permission for a quarterly dividend of $0.05 per share and a stock buyback program of $6.4 billion.
Citigroup gapped open sharply lower Thursday, but traded in a range for the majority of the session. The stock closed down by 2.71 at $47.45 on the highest volume of the year. Citigroup fell to a week and a half low and sank beneath its 50-day moving average.
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