Bank stocks retreat at closing bell, dragging markets down with them

For much of the day, stronger-than-expected home price data and a record quarterly profit from Wells Fargo (WFC) gave financial stocks a boost. But then it seemed as if investors suddenly remembered that they'd already bought the rumor, as the saying goes: Eager for any shred of good news about banks, markets surged on April 9 after Wells Fargo pre-announced the results they officially unveiled today. So they sold the news, sending the Dow Jones Industrial Average down 83 points, or just over 1 percent, to 7,887.

Energy stocks also fell after reports that U.S. crude oil inventories soared, with Chevron (CVX) and ExxonMobil (XOM) both closing lower. For more stocks making news today, check out BloggingStocks' wrap-up of today's session.