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Financial stocks extended their five-day losing streak as the New York attorney general threatened Merrill Lynch(MER Quote) with a lawsuit.
Andrew Cuomo has wrangled settlements from most of the big banking and brokerage names, but has yet to bag Merrill. He cranked up the rhetoric by saying that if the brokerage didn't settle on Thursday, he would see them in court on Friday. Cuomo has been after the Wall Street firms for selling auction-rate securities to investors who thought the instruments would always be supported and would continue to trade like cash products. Merrill fell 7 cents to $24.34.
The NYSE Financial Sector index declined 51.98 to 6,032.78. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
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