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Stocks fall on weak earnings news

Stocks were down on Wall Street Wednesday as disappointing earning news and a drop in bank stocks weighed on the market. Banks had some of the biggest losses following news that the government filed lawsuits accusing Bank of America of misleading investors.

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Traders work on the floor of the New York Stock Exchange Wednesday. A slump in bank stocks held back the market, giving major indexes their first three-day drop since June.

Brendan McDermid/Reuters

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Disappointing earnings news and a slump in bankstocks tugged the stock market down Wednesday, giving major indexes their first three-day drop since June.

Banks had some of the biggest losses following news that the government filed lawsuits accusing Bank of America of misleading investors.

The Standard & Poor's 500 index fell 6.46 points, or 0.4 percent, to close at 1,690.91. Seven of the index's 10 industry groups ended lower.

The Dow Jones industrial average fell 48.07 points, or 0.3 percent, to 15,470.67. The Nasdaq composite lost 11.76 points, or 0.3 percent, to 3,654.01.

 
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