Stocks slide after Fed governors pare 2009 outlook
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Stocks fell today after the release minutes from last month's meeting of Federal Reserve governors showing that the central bankers foresee weaker economic conditions this year
and a slower recovery in 2010. The House's passage of a bill that will shield credit card customers from penalties and fee increases stoked fears that big banks, which get lots of revenue from their cards businesses, could suffer, sending their shares lower.
The Dow Jones industrial average declined 53 points, or 0.6 percent, to close at 8,422. American Express (AXP
) and JPMorgan Chase (JPM
) each fell more than 3 percent. Tech shares also faltered.
For more stocks making moves today, be sure to check out BloggingStocks' market wrap-up