Banks lead stocks lower on Wall Street
NEW YORK (AP) — Stocks stumbled in early trading on Wall Street as banks fell following punitive action against Wells Fargo.
Wells Fargo plunged 8 percent in the first few minutes of trading Monday after the Federal Reserve hit the bank with new sanctions in response to its opening of phony accounts for several million consumers.
Other banks also fell. Industrial companies were also falling. Boeing lost 2 percent and Caterpillar was down 1 percent.
The market is coming off its worst week in two years. Stocks fell sharply on Friday as traders worried about inflation and rising interest rates.
The Standard & Poor’s 500 index dropped 20 points, or 0.7 percent, to 2,741.
The Dow Jones industrial average fell 233 points, or 0.9 percent, to 25,295. The Nasdaq composite lost 52 points, or 0.7 percent, to 7,189.