NEW YORK ( TheStreet) -- The markets ended the first week of the year on a down note as bank stocks took a hit from an adverse state court ruling on foreclosures.
The Dow Jones Industrial Average fell 22.55, or 0.19%, to 11,647.76, while the S&P 500 dropped 2.35, or 0.18%, to 1,271.50. The Nasdaq lost 6.72, or 0.25%, to 2,703.17.
Brian Kelly said on CNBC's "Fast Money" TV show said the foreclosure ruling handed down by a Massachusetts court is a big deal because it goes to the heart of commercial securitization and the transfer of assets that banks didn't own.
3 Stocks I Saw on TV
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV