NEW YORK (AP) -- Investors fixated on the faltering economy brushed off the type of merger news that normally starts rallies.Wall Street fell more than 1 percent Monday as uneasiness about the economy eclipsed a bounce in troubled financial stocks and news of a big drug company merger. Stocks rose in the early going but turned lower in a now familiar pattern where short-lived bursts of optimism give way to concerns about the country's economic woes.
Financial stocks rose on a news report that Bank of America Corp. could raise capital in the private sector. Shares of major banks have been pummeled to multiyear lows amid growing concern that they don't have enough cash to cover future losses despite multiple government rescues.
"Any bank right now that can raise money in the private sector, that is a major positive for the market," said Quincy Krosby, chief investment strategist at The Hartford. "It's another way to raise capital rather than the government infusing capital into the banks." more...
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