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NEW YORK (AP) — Financial companies have dragged stocks lower after the rescue of a Spanish bank raised investors' anxiety about Europe's economy. Uncertainty about the U.S. government's financial overhaul plan also pulled banks down.
Investors can't shake their concerns that there could be more bank rescues in Europe if a wave of bad debt cascades through financial markets. They're also worried about limits that could be placed on U.S. banks in a final version of the financial overhaul bill.
The Dow Jones industrials are down 126, or 1.2 percent, at 10,066, their lowest close since Feb. 10. The Standard & Poor's 500 index is off 14, or 1.3 percent, at 1,073, while the Nasdaq composite index has closed down 15, or 0.7 percent, at 2,213.
Losing stocks were ahead of advancers by about 4 to 3 on the New York Stock Exchange, where volume came to came to 1.2 billion shares.