Trading ended on a down note, with financial exchange traded funds (ETFs) taking the biggest hit, giving back, on average, 5%. They include KBW Regional Banking (KRE), iShares Dow Jones U.S. Financial Services (IYG) and Regional Bank HOLDRs (RKH). Elsewhere in today’s trading, the Standard & Poor’s 500 Index lost 40.94, or 2.6%. The Dow Jones industrial average decreased 362.14, or 2.6%, to 13,567.87. The Nasdaq Composite Index slipped 64.29, or 2.3%, to 2,794.83.
"Citigroup, the biggest U.S. bank by assets, slid the most since 2002 after CIBC World Markets said its dividend may be cut and Credit Suisse Group reduced its rating. Bank of America Corp., the second largest bank, had its biggest decline in four years." reported Bloomberg.
Investors are getting a little more concerned about the slowing economy, inflation and the declining housing market. Don’t jump yet as coming earnings reports and thoughts of more rate cuts have some thinking today may be just a hiccup.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.