Updated from 1:50 p.m. EDT
Financial stocks were among the worst decliners of Wednesday's session after reports the government will seek more regulation over compensation paid to bank CEOs, including those who have not received government aid. A report in The Wall Street Journal said that President Obama is looking to overhaul compensation practices across the industry, even if a company has not received funds from the Troubled Asset Relief Program, or TARP. The idea of more government regulation did not sit well with bank stocks. Bank of America (BAC Quote) lost 10.2%, Citigroup (C Quote) sank 6.8%, and Wells Fargo (WFC Quote) gave back 5.8%.
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,464.40 | 1,110.63 | 2,176.05 | 32.79 |
Oil *
78.36
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UP
30.69
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UP
4.98
|
UP
6.87
|
DOWN
0.38
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10 Yr
3.28%
SPDR Gold
116.62
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|
+0.29%
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+0.45%
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+0.32%
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-1.15%
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