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