Financial stocks had a mixed session Wednesday, limiting the gains for the broader market, as worries continued to swirl around investment bank
fell another 6.9%, closing at $7.25, after saying it would cut its dividend, post a $3.9 billion third-quarter loss and sell a majority stake in its investment-management division.
By the time trading ended, the Amex Securities Broker/Dealer index had surrendered 1.7%, and the KBW Bank index had given back 1.4%. The NYSE Financial Sector index finished in the green, tacking on 0.5%.
was another weak spot, sinking 29.7% to $2.32, as concerns built about the future of the struggling lender. Volume in
was extremely heavy, more than doubling the normal trading activity for the stock.
Dow Jones Industrial Average
American International Group
dropped 4.7%, and
Bank of America
fell 0.4%, and
ticked down 0.2%.
was under pressure, dropping 7% to $15.08, while
retreated by 1.8% to $31.43.
was on the winning side, adding 1.7% to $31.70.
This article was written by a staff member of TheStreet.com.