Dow Drops 86 on Financials

By Nick McMaster,  Newser Staff
Posted Mar 19, 2009 3:23 PM CDT
Specialist Michael O'Mara, right, works his post on the trading floor of the New York Stock Exchange Monday.   (AP Photo/David Karp)
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(Newser) – Financial stocks led declines today as the boost from the Fed’s announcement of new plans to lower lending costs faded, the Wall Street Journal reports. Citigroup and Bank of America shares both fell at least 10%, giving back recent gains. Crude oil rallied to $50.80 a barrel, the highest price this year. The Dow closed down 85.78 points at 7,401. The Nasdaq lost 7.74 points to settle at 1,483, and the S&P 500 fell 10.31 points to 784.