NEW YORK (AP) -- Nagging worries about banks upended a stock market rally Wednesday.
Volatile financial stocks steered the overall market for the third straight day after Morgan Stanley and credit card issuer Capital One Financial Corp. posted lackluster quarterly reports. Investors have been worried about rising levels of souring debt on bank balance sheets.
A late-session drop in banks left Wall Street's major benchmarks mixed. The Dow Jones industrial average fell 83 points, while the technology-heavy Nasdaq composite index ended modestly higher ahead of a quarterly report from eBay Inc.
Banks had tumbled on Monday after Bank of America warned of further loan losses, only to jump back on Tuesday after Treasury Secretary Timothy Geithner told Congress that most banks were well-capitalized.
The jumpy trading in financial shares came just as major companies report first-quarter earnings. Results from AT&T, Boeing and McDonald's contained glimmers of hope about consumer spending and the economy in general.
"We're starting to see a little light at the end of the tunnel," said Frank Ingarra, co-portfolio manager at Hennessy Funds. "The challenge is I don't know how long the tunnel is."
The Dow fell 82.99, or 1 percent, to 7,886.57.
Broader market measures were mixed. The Standard & Poor's 500 index fell 6.53, or 0.8 percent, to 843.55, while the Nasdaq composite index rose 2.27, or 0.1 percent, to 1,646.12. more...
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