Stock Market Update: Financials Falter
Dow -24.03 at 11338.38, Nasdaq -0.74 at 2578.61, S&P -3.59 at 1217.94
[] Sellers continue to put stiff pressure on financials, which are currently down 0.8% and in worse shape than any other sector. Weakness in the financial sector is relatively broad in that consumer finance plays (-0.8%), specialized finance (-1.3%), asset managers (-1.1%), and property and casualty insurers (-1.0%) are all down markedly.
Banks, which provided the biggest boost to the financial sector in the prior session, are seeing varied selling efforts. Regional lenders have, so far, slid 1.0%, but diversified banks are off by just 0.3%. Still, there isn’t much strength at all in the space as shares of only one firm — Marshall & Ilsley (MI 5.51, +0.03) — are higher in the KBW Bank Index.
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