US Stocks Plunge Late Monday Led By Financials

US stocks dipped late yesterday to end in red territory, erasing all of Friday's gains. The financial sector led the steep fall, which emphasized that investor sentiment is still stirred by Europe’s debt woes and stringent financial regulations. The Dow Jones Industrial Average tumbled 126.82 points, or 1.2% to 10066.57, wiping out previous session’s 125-point gain. The Nasdaq Composite Index fell 0.7% and the S&P 500 lost 1.3%, Top decliners at the Dow include Bank of America Corp

that slipped 3.69% to $15.40 and JP Morgan Chase

that lost 3.57% to $38.62. All other components fell for the day, except Home Depot

which gained 0.61% to close at $33.22. Financials led the losses at the S&P 500 with a fall of 2.9%. All other sectors also dipped. According to head trader David Bellantonio at the New York brokerage Instinet, "A lot of people are taking a wait-and-see approach right now, with all the overhang we have from overseas and some of the other risk factors out there. It just looks like the bids have dried up here, but I wouldn't necessarily describe the selling as aggressive." Read more