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, Wachovia ( WB) and Citigroup ( C) fell after the companies agreed, along with Wells Fargo ( WFC), to halt any litigation until Friday. Citi and Wells are both trying to acquire Wachovia. Shares of Wells rose 4%.

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

Bank of America ( BAC) 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%.

Elsewhere, JPMorgan Chase ( JPM) 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) and Morgan Stanley ( MS) lost 1.7% and 4.8%, respectively.
This article was written by a staff member of

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