U.S. stocks ended in the red Wednesday, weighed down by a rebound in oil prices and ongoing worries about the financial sector sparked by Merrill Lynch's downgrades of several banks.
The Dow Jones Industrial Average (DJI) fell 109.5 points to 11,532, with only five of its components finishing in positive territory.
Financials led the blue-chip decliners. Shares of Bank of America (BAC) fell 7.3%, Citigroup (C) dropped 3.9% and American Express (AXP) fell 3.1%.
Shares of General Motors Corp. (GM) dropped 7.6% after Moody's Investors Service lowered the company's corporate family rating to Caa1 from B3 with a negative outlook.
The S&P 500 index (SPX) ended down 3.76 points, or 0.3%, at 1,285 points and the Nasdaq Composite (RIXF) finished down 2 points to 2,428.
There was "a solid decline in financials across the board," said Marc Pado, U.S. market strategist at Cantor Fitzgerald.
"There is a deep-seated concern there," Pado said. Also, "you got a pretty decent pop in crude and the market has been keying off of crude the last several weeks."
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