Stocks fell on Monday, with worries about ailing financials rekindled by several media reports, while a turn lower in crude-oil prices failed to provide much momentum, instead shaving off earlier gains in the energy sector.
"We believe that a sustained uptrend in stocks will require additional good news from both the credit and energy markets," said Bob Doll, chairman of BlackRock, in his weekly investment letter.
The Dow Jones Industrial Average (DJI) fell 87 points, or 0.5%, to 11,573, with 19 of its 30 components falling. The benchmark index was pulled lower by General Motors Corp. (GM), AIG (AIG) and Hewlett Packard (HPQ).
The Dow's other financial stocks -- American Express (AXP), Bank of America ( BAC), Citigroup (C) and J.P. Morgan Chase (JPM) -- each lost more than 2%.
Financial shares gave up some of their strong gains from Friday. Lehman Brothers (LEH) lost 2% after The Wall Street Journal said it could lose $1.8 billion during the quarter.
No comments:
Post a Comment