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Stocks Tick Down on BofA Woes
Investors lose some faith that banks can muscle through the crunch
By Sam Gale Rosen
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Posted Apr 21, 08 3:39 PM CDT
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(Newser)
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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.