Bank stocks led the market lower today as investors worried that the Federal Reserve's move yesterday to buy long-dated Treasury bonds won't be enough to jump start the economy.
The Dow Jones Industrial Average fell 86 points, or 1.2 percent, to close at 7,401. Oil rose on hopes that the Fed's decision would spur the economy; gold rose on fears the move spark inflation. The dollar fell against the British pound and the euro for the second consecutive day.
Notable movers from today's session include:
Citigroup (C) today came off after the 200% run up of late. The company has issued a share exchange offer for outstanding convertible and non-convertible preferred and trust preferred securities that will be highly dilutive to common holders. It is going to seek a reverse stock split as well. Shares were down 11% to $2.73 right before the close.
Cisco Systems (CSCO) fell after the announcement that it was acquiring privately held Pure Digital Technologies, the maker of the popular Flip Video cameras. Shares were down 1.7% to $16.22 shortly before the close.
DryShips (DRYS) rose after it received a 'letter of award' from Petrobras for a 3-year period that could be worth $630 million total. Shares were up 24% to $5.19 shortly before the close.
General Electric (GE) sold off marginally after it had its big GE Capital portfolio update. The company managed to quell many fears out there about what was in its portfolio, but it also gave data which may lead to analysts trimming estimates. Overall the news was good, but after an almost 100% run up profit takers took the stock down 1.8% to $10.12 shortly before the close.
Toll Brothers (TOL) has submitted two different filings showing insider selling in shares. CEO Robert Toll has unloaded 1 million shares of common stock this week. Shares were down 0.2% to $18.00 shortly before the close.
Verizon Communications (VZ) was sued by the New Jersey Attorney General. The suit alleges that FiOS TV, Internet and telephone service deceived customers over pricing and promotional gifts. Shares were down 2% to $30.15 shortly before the close.
BloggingStocks writer Jon Ogg contributed to this report.
Doubting the Fed's bond plan, investors push stockers lower