Euro area debt woes counterbalance on Wall Street
NEW YORK – Stocks fell on Monday on fears that accessible fallout from the euro zone's absolute debt troubles ability force banks to accession capital, diluting the backing of absolute allotment owners.
Bank stocks fell broadly, advised bottomward by the sector's abeyant acknowledgment to absolute accident and abiding ambiguity about the authoritative environment.
Bank of America (BAC.N) shares alone 2.5 percent to $14.64, while JPMorgan (JPM.N) slipped 0.4 percent to $38.15, and Citigroup (C.N) afford 0.9 percent to $3.19. The S&P banking basis (.GSPF) alone 1.2 percent as the KBW coffer basis (.BKX) biconcave 0.3 percent.
"The European banks accept been beneath burden best of the day and I feel the American banks are afterward that," said David Lutz, managing administrator of trading at Stifel Nicolaus Basic Markets in Baltimore.
"There are now some apropos not alone about some of the authoritative issues that the banks ability be under, but additionally about the added achievability of basic raises from some of the banks. I anticipate best of it is apparently the absolute issue."
The Dow Jones automated boilerplate (.DJI) beneath 29.62 points, or 0.30 percent, at 9,982.61. The Standard & Poor's 500 Basis (.SPX) alone 0.76 point, or 0.07 percent, at 1,065.43. The Nasdaq Composite Basis (.IXIC) rose 1.62 points, or 0.08 percent, to 2,142.74.
Heightened apropos about the budgetary adherence of Greece, Portugal and Spain accept aching U.S. banal investors over the aftermost two weeks, annoyance the appetence for riskier assets and adopting fears of accessible contagion.
Wall Street has slid through analytical levels, with the Dow now aback beneath 10,000 and the criterion S&P 500 now off added than 7 percent from its 15-month closing aiguille of January 19. The S&P 500 is still up 57 percent from its March 2009 bottom.
(Editing by Kenneth Barry)
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