NEW YORK (TheStreet) -- Large-cap U.S. bank stocks were hit hard on Monday, as global markets continued to slide over fears of slowing growth.
The Dow Jones Industrial Average
U.S. markets followed international markets lower after China's official purchasing managers index for January came in at 50.5, declining from 51.0 in December.
A continuing flight by investors to safety was illustrated by the 6 basis-point decline in the market yield on 10-year U.S. Treasury bond to 2.59%. The yield on the 10-year bond ended 2013 at 3.04%, soon after the Federal Open Market Committee announced that the Federal Reserve would begin tapering its purchases of long-term bonds. The FOMC announced a second tapering of the bond purchase last week to a monthly pace of $65 billion. All things being equal, the curtailment of the central bank's massive expansion would be expected to lead to a rise in long-term interest rates. The FOMC's next policy meeting is scheduled for March 18-19.