Thursday, February 23, 2012

Banks sink on European economic worry


Banks led stocks lower on Wednesday as the S&P 500 stalled near a 10-month-high after signs of weak European business activity rekindled concerns about a recession overseas.
U.S. banks were the S&P 500's worst performing sector. Investors feared that weak euro zone growth would hamper countries dealing with heavy debt loads and the banks exposed to those debts.
"We're very concerned around the markedly deteriorating credit fundamentals in Europe," said Steven Baffico, chief executive officer at Four Wood Capital Partners in New York.
Data showing weakness in the euro zone services and manufacturing sectors overshadowed the day-old deal to bail out Greece.


Dow Jones Industrial Average (^DJI)

 -DJI
12,938.67 Down 27.02(0.21%)

Dow Jones Industrial Average (^DJI)

 -DJI
Prev Close:12,965.69
Open:12,966.22
Day's Range:12,914.83 - 12,977.91
52wk Range:10,362.30 - 13,049.40

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