Financial stocks declined modestly in trading on Wednesday morning, reflecting a mixed bag of news about the health of the sector and the broader economy.
The NYSE Financial Sector index fell 0.3% to 6,365.04, while the KBW Bank Index rose 0.9% to 68.54. The Dow Jones Industrial Average fluctuated between gains and losses as investors digested better-than-expected data on factory orders and awaited automakers' reports of August sales, which many expect to be weak.
Financial-services companies with ties to the commodities sector faced downbeat news as oil prices dropped below $108 a barrel. Ospraie Management, a hedge fund with significant commodities holdings, said Tuesday it plans to shutter its flagship fund because of major trading losses as prices for energy and other resources dropped sharply. CME Group (CME Quote), which operates the New York and Chicago mercantile exchanges, said average daily volume plunged more than 30% in August. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,405.83 | 1,102.35 | 2,190.86 | 34.82 |
Oil *
71.98
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UP
68.78
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UP
6.41
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UP
7.13
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UP
0.59
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10 Yr
3.48%
SPDR Gold
110.82
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+0.67%
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+0.58%
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+0.33%
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+1.72%
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