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6 June 2011
Stocks trade lower after 5 losing weeks
Matthew Craft, AP Business Writer, On Monday June 6, 2011, 11:52 am
NEW YORK (AP) -- Stocks are slipping in midday trading, led lower by banks and airlines.
Economic worries continue to weigh on markets Monday. Airline stocks are sharply lower after an industry group cut its profit estimate this year by half. The group blames disasters in Japan, unrest in the Middle East and higher fuel prices.
Many banks are also falling, amid concern that the Federal Reserve may require them to set aside more cash. A well-known banking analyst reportedly cut his rating on Wells Fargo to "sell." Citigroup Inc. and Bank of America Corp. fell more than 2 percent.
The Dow Jones industrial average is down 12 points, or 0.1 percent, to 12,137. The S&P 500 index is down 4 points to 1,295. The Nasdaq composite is down 3 to 2,729.
