Bank downgrades, FedEx outlook pushes markets lower

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Financial stocks slide after Standard & Poors slashed its ratings on 18 banks, including Wells Fargo (WFC) and Synovus Financial (SNV), citing their efforts to adapt to "the marketplace's new realities" of less risk and more regulation. Combined with worse-than-expected projected quarterly results and a gloomy outlook on the economy from FedEx (FDX), the news made it tough for markets maintain an afternoon push into positive territory.

The Dow Jones industrial average fell 7 points, or about 0.1 percent, and has finished lower every day so far this week. General Electric (GE) was the Dow's biggest loser, falling about 4.2 percent.

For more stocks making moves today, be sure to check out BloggingStocks' market wrap-up.
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