Monday, May 11, 2009
Financial stocks have dragged Wall Street lower as traders worry that last week's rally was overdone.
Investors who had been focusing on what banks would pass the government's "stress tests" are turning to the fallout from the evaluation.
Three banks that got good marks on the tests last week said Monday they plan to issue shares to help repay government investments they received last fall. Concerns about more shares hitting the market weighed on financial stocks.
The Dow Jones industrial average is down 156 at 8,419. The S&P 500 index is down 20 at 909. The Nasdaq composite is down 8 at 1,731.
About two stocks fell for every one that rose on New York Stock Exchange, where volume came to a light 1.5 billion shares.