Citigroup's Downgrade Sinks Markets and Financial ETFs Lower

Financial exchange traded funds (ETFs) sank lower today after a downgrade of Citigroup (C) sent the bank's shares to a 10-year low. Goldman Sachs said investors should sell the bank's stock short, reports Neha Singh for Reuters. The last time its shares had traded so low was in October 1998, when Travelers Group and Citicorp merged to create Citigroup. Goldman Sachs Analyst William Tanona said the United States' largest bank may take $8.9 billion of writedowns from the April-June period, whi