Updated from 2:13 p.m. EDT with new stock prices
Financial stocks trailed the sinking broad market a day after Federal Reserve Chairman Ben Bernanke said the ongoing housing market turmoil will likely be a "significant drag" on the economy through early next year.
Evidence of the crunch, meanwhile, continued surfacing in fresh third-quarter results. Mortgage-security writedowns and mushrooming credit losses ate into Wells Fargo's (WFC Quote) quarterly profit -- which, at 68 cents a share, was 2 cents shy of Thomson Financial's consensus estimate despite gaining 6.2% over last year.
Shares of the San Francisco bank fell $1.41, or 3.92%, to $34.54, to weigh on both the NYSE Financial Sector Index and the KBW Bank Index. The trackers were recently plunging close to 2% apiece. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
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DOWN
154.48
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DOWN
19.14
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DOWN
37.61
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DOWN
0.48
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10 Yr
3.23%
SPDR Gold
115.06
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-1.48%
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-1.72%
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-1.73%
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-1.46%
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Data delayed 20 minutes |
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