Shares of Bank of America had fallen nearly 5.7% as of 2:57 p.m. Shares of several banks and financial stocks fell today. Investors brace for a recession that is looking more and more like a possibility considering the rising price of oil and high levels of inflation.

The price of U.S. crude oil is at its highest level since the global recession in 2008. The price of shares of Wells Fargo (WFC) and PayPal (PYPL) are down 5.4% and 5.7% respectively. The U.N. Security Council is considering a ban on oil imports from Russia.

On Sunday, the national average for a gallon of gas in the U.S. surpassed $4. On Thursday, the Bureau of Labor Statistics will release February data for the Consumer Price Index. The CPI measures price increases for a basket of daily consumer goods and services.

Investors believe the CPI could show a nearly 8% year-over-year rise. Bank of America and Wells Fargo are the two largest commercial lenders in the country. A recession or further economic uncertainty may stop businesses from investing further in their operations or taking on too much debt.
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