Stocks are having a bad day, with the Dow Jones Industrial Average at one stage down more than 100 points. Among the worst-hit sectors is financials, with Wall Street banks in particular taking a beating.
Citigroup (C) stock is down 3.3% while Bank of America (BAC) is off 3.1%. Also falling are Morgan Stanley (MS), Goldman Sachs (GS) and JPMorgan Chase (JPM), all down about 2.5%.
The declines are likely due to broad factors, such as weaker-than-expected ADP jobs data this morning, and the seemingly ever-present worries about Europe. There was also some negative ISM data:
The Institute for Supply Management�s index of U.S. non- manufacturing businesses, which covers almost 90 percent of the economy, fell to 54.4 in March from 56 in the prior month, the Tempe, Arizona-based group said today. The median forecast of 73 economists surveyed by Bloomberg was 55.5. Readings above 50 signal expansion. The survey covers industries ranging from utilities and retailing to housing, health care and finance.
Whether we’re witnessing the start of a more protracted sell-off — a dreaded correction — or just a momentary jumpiness from investors, only time will tell.
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