Home News Bank stocks drag indices into the red

Bank stocks drag indices into the red


HB NEW YORK. The Dow Jones index of the default values last lost 0.4 percent to 11,402 points. The broader S & P 500 fell 0.3 percent to 1222 points. The index of the Nasdaq in positive territory tended very thin at 2580 points. In Frankfurt, the DAX closed nearly unchanged at 6751 points.

In the long term should not the stronger U.S. currency trade dominate, "said Peter Jankovskis of Oakbrook Investments. The New York stock markets had been painted for five weeks following gains and move up a level since the collapse of Lehman Brothers no longer achieved.

Among the stocks that were in the minus, among JP Morgan Chase with a loss of 0.7 percent and 0.6 percent with American Express. Reason could be the Fed plans to keep interest rates near zero, which is seen as damaging to financial institutions. In addition, many banks still have bad loans on their books, "said Bruce Bittles investment expert from the asset manager Robert W. Baird in Nashville.

He expects that financial stocks have not grown as much as technology companies. Among the winners in this industry was one of Apple on Monday with a gain of 0.6 percent.

Dealers suspected as the reason for the losses in the S & P also the rapid development in recent weeks: The index rose five weeks in a row and nine of the past ten weeks. Some of the industries in the index are valued now overbought. Most experts think the trend however, continue to intact.

The Internet company AOL, meanwhile, reviewed a report by the Wall Street Journal, according to the possibilities for a merger with rival Yahoo. AOL papers increased by 1.3 percent, Yahoo’s shares became more expensive by 0.7 percent. Intel benefited from a promotion. The shares rose by 0.4 percent. McDonald’s shares reported by 0.6 percent. The world’s largest fast-food chain had reported a sales increase of 6.5 percent in October in the world’s existing branches.