Wall Street continues to trade lower as financial stocks and airline stocks weigh on the market. U.S. stocks are on a five-week streak of losses, and the S&P 500 and Dow Jones Industrial Average are creeping closer to key technical support levels. Financial stocks like Citigroup (C), Bank of America (BAC), and Zions Bancorp (ZION) fell more than 2 percent on speculation that the U.S. Federal Reserve could raise capital requirements for banks to guard against future potential losses. Airline companies also dropped somewhere between 2 to 3 percent as the International Air Transport Association expects the industry to earn about $4 billion this year, which is a huge drop from the $18 billion in profits last year. Major Airlines like Delta (DAL) and United Continental (UAL) are citing higher oil prices and the natural disaster in Japan as key causes for the drop.
Major U.S. Stock Indices
DJIA: 12,134.23 (-0.14 percent)
S&P 500: 1,294.51 (-0.43 percent)
NASDAQ: 2,723.83 (-0.33 percent)
Russell 2000: 802.59 (-0.69 percent)
In other news:
- Greece sells its $585 million stake (10 percent) of Deutsche Telekom (DTEGY:US) to help with its $330 billion in debt. [NY Times]
- Lorillard (LO) leads decliners today as news that the FDA could ban menthol cigarettes scare investors. [Barron’s]
- Dominique Strauss-Kahn, former head of the IMF, pleads not guilty to sexual assault charges. [WSJ]
- Why gold investors don’t like gold miners. [Economists]
- All eyes are on Apple (AAPL) as the consumer-tech giant unveils its plans to compete in the world of cloud computing. [Marketwatch]
Check back for more news.