Stocks fall as markets give back post-stress test bounce
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After last week's unveiling of regulators' stress tests of bank balance sheets, markets rallied as investors seemed to say, "At least that's over." That sentiment couldn't survive the weekend, however, as several big financial firms said they'd sell shares to raise the capital the examinations said they required. The Dow Jones Industrial Average fell 156 points
, or 1.8 percent, to close at 8,419, as Bank of America (BAC
), JPMorgan Chase (JPM
) and American Express (AXP
) posted losses in the neighborhood of 8 percent.
But it was General Motors (GM
) that fell the most of any of the DJIA's 30 components, after CEO Fritz Henderson said the company wouldn't bolster an exchange offer to bondholders. GM plunged 17 cents, or 10.6 percent, to $1.44.
For more stocks making moves today, be sure to check out BloggingStocks' market wrap-up