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