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May 16, 2008 3:16:19 AM CDT

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Stocks Tick Down on BofA Woes  

Posted Apr 21, 08 3:39 PM CDT in Business    Most Covered

(newser) – Stocks ended mostly down today after a poor quarterly report from Bank of America and spiking crude prices. "We got a reminder this morning that banks and financials are still digesting credit problems," an investment strategist told the Wall Street Journal. The Dow ended down 24.34 at 12,825.02, the Nasdaq up 5.07 at 2,408.04, and the S&P 500 down 2.16 at 1,388.17.

Crude topped $117 a barrel, and an analyst told Bloomberg, "We are targeting $125." Investors are being cautious "in a market where confidence is razor-thin," said a market strategist. But some foresee banks and financials recovering somewhat in the next few days. Meanwhile, a number of earnings reports due this week could provide a way to assess the health of consumer spending.

Sources Wall Street Journal, Bloomberg, CNNMoney, Financial Times (UK)

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Stocks Tick Down on BofA Woes
Stocks ended mostly down today.   (Getty Images)
Stocks Tick Down on BofA Woes
Markets were bearish today.   (AP Photo/Daniel Maurer)
Stocks Tick Down on BofA Woes
A photo released by the "Tiergarten Nuernberg" zoo in Nuremberg on Friday, April 4, 2008 shows polar bear cub Flocke in her enclosure.   (AP Photo/Tiergarten Nuernberg, Ralf Schedlbauer)
Stocks Tick Down on BofA Woes
"We got a reminder this morning that banks and financials are still digesting credit problems," an analyst said after bad news from Bank of America left the markets mainly flat today.   (AP Photo/Diether Endlicher)
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