Markets move past stress tests, drop on weak bond demand
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Stress tests? What stress tests? Despite the imminent official release of regulators' long-awaited stress tests of financial institutions' balance sheets, stocks fell today. Even though the tests are widely expected to show that most banks won't need as much additional capital as once feared, investors seem to have moved on. Now they're more worried about weak demand for U.S. Treasury bonds
in an auction today. They're nervous that's a bad sign for the Obama administration's expensive plans to jump start the economy.
That pushed the Dow Jones Industrial Average down 102 points, or 1.2 percent, to close at 8,410. For more about stocks making moves today, be sure to check out BloggingStocks' market wrap-up