Financial stocks had another day of losses Wednesday as coordinated

rate cuts

by the

Federal Reserve

and other central banks failed to inspire confidence in the market.

The KBW Bank index lost 2.9%, and the NYSE Financial Sector index gave back 2.1%. The Amex Securities Broker/Dealer index was down 4.7%.

Among stocks,


(WB) - Get Report



(C) - Get Report

fell after the companies agreed, along with

Wells Fargo

(WFC) - Get Report

, to halt any litigation until Friday. Citi and Wells are both trying to acquire Wachovia. Shares of Wells rose 4%.


(MET) - Get Report

was a notable loser, sinking 27% after lowering its third-quarter forecast and withdrawing its guidance for the full year.

Bank of America

(BAC) - Get Report

declined following two pieces of news, one that it will sell 455 million shares in order to raise $10 billion and the other that it will buy back billions in auction-rate securities. Shares of the bank fell 7%.


JPMorgan Chase

(JPM) - Get Report

held up fairly well, slipping 2 cents to $39.30.

Merrill Lynch

( MER) also ticked down 2 cents, ending at $17.98.

Goldman Sachs

(GS) - Get Report


Morgan Stanley

(MS) - Get Report

lost 1.7% and 4.8%, respectively.

This article was written by a staff member of