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Stocks fall with more carnage in banking industry
Published January 14, 2009 - BizTimes Daily
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The Dow Jones Industrial Average tumbled by more than 250 points this morning as the market absorbed more news of financial distress among the banking and retail sectors.
The largest decliner was Royal Bank of Scotland Group, which said today it sold its 4.26-percent equity stake in Bank of China for about $2.3 billion.
Beleaguered Citigroup Inc.'s stock fell amid reports the company will soon unload several businesses and reduce its size by one-third.
Barclays PLC said it will cut about 2,100 jobs in its investment banking and investment management businesses to adjust to the market downturn.
Shares of Deutsche Bank were down 9.3 percent after the German bank said it will report a loss of about $6.4 billion for the fourth quarter.
Meanwhile, the U.S. Commerce Department reported today that monthly sales at U.S. retailers fell 2.7 percent in December, nearly twice as much as economists had forecast, while October and November figures are revised lower.
December marked the sixth consecutive monthly decline in retail sales.
Local stocks got caught up in the down draft this morning. The largest local decliners this morning were Badger Meter Inc. (down $2.09 to $23.63), Rockwell Automation Inc. (down $1.91 to $27.93), Weyco Group Inc. (down $1.86 to $27.70) and Manpower Inc. (down $1.70 to $30.85). The largest local advancers this morning were Strattec Security Corp. (up 62 cents to $17.14) and Johnson Outdoors Inc. (up 6 cents to $5.70).
