Banks lead US stocks lower in early trade

GMT 15:36 2014 Wednesday ,12 November

Arab Today, arab today Banks lead US stocks lower in early trade

Fines on European lenders for foreign exchange
Washington - AFP

Wall Street stocks opened lower Wednesday after five straight record sessions led by a fall in bank shares after US and British regulators fined five European banks $3.2 billion for forex manipulation.
Ten minutes into trade, the Dow Jones Industrial Average was down 70.30 points (0.40 percent) at 17,544.58.
The broad-market S&P 500 fell 5.88 (0.29 percent) to 2,033.80, and the tech-rich Nasdaq Composite lost 8.90 (0.19 percent) to 4,651.65.
Fears that US banks will soon be hit as well with big fines for rigging the massive foreign exchange market sent their shares lower.
JPMorgan lost 1.0 percent, Citigroup 0.5 percent, Goldman Sachs 1.0 percent, Bank of America 0.5 percent, and American Express, 0.3 percent.
Otherwise losses were more measured.
"The scope of recent gains suggests the news will have to be off-the-charts good to produce one of those broad sweep rallies where the major indices climb more than one percent," said Patrick O'Hare of


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