Stocks Sink after Fitch Warns on U.S. Bank Exposure

By: Associated Press
By: Associated Press

New York, NY (AP) - Stocks are closing sharply lower after Fitch
Ratings put out a report saying U.S. banks could take a big hit if
Europe's debt crisis spreads.

Indexes were moving between small gains and losses for most of
the day Wednesday before Fitch put its report out at 3:30 p.m. The
Dow sank more than 100 points shortly thereafter.

Banks and materials stocks led the market lower. Bank of America
fell 3 percent.

The Dow Jones industrial average lost 190 points, or 1.6 percent, to close at 11,906.

The S&P 500 fell 21 points, or 1.7 percent, to 1,237. The Nasdaq
composite lost 47, or 1.7 percent, to 2,639.

Three stocks fell for every one that rose on the New York Stock
Exchange. Volume was below average at 4 billion shares.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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