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Wall St falls as banks weigh on market

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Steven C. Johnson
Sunday, July 28, 2008

Stocks fell on Monday as fears of more credit losses pushed financial shares lower while a mixed bag of quarterly results kept investors cautious about the outlook for the economy.

News that federal regulators on Friday took over two small U.S. banks that had failed also added to the gloom, setting the stage for all three major indexes to fall more than 1 percent.

Bank shares were among the hardest hit, including Citigroup, down 5.7 percent, Merrill Lynch, off nearly 9 percent and Bank of America, down more than 3 percent.

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“People are still afraid of the bad news from the financial sector,” said Victor Pugliese, director of listed equity trading at Broadpoint Securities in San Francisco.

“Any time you see a bank failing, whether it’s a big bank or a small bank, it’s going to be a problem because it says financials are not out of the woods.”

The Dow Jones industrial average was down 184.49 points, or 1.62 percent, at 11,186.20. The Standard & Poor’s 500 Index was down 15.11 points, or 1.20 percent, at 1,242.65. The Nasdaq Composite Index was down 31.96 points, or 1.38 percent, at 2,278.57.

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This article was posted: Monday, July 28, 2008 at 12:51 pm

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