Angelo Orlando Jr.Stocks suffered an across-the-board decline on Monday as investors remained jittery about the financial sector despite big profits at Bank of America.
The Dow Jones Industrial Average was off 250 points, or 3.1%, hurt by a 22% slide in Bank of America. The bank said that its first-quarter net income more than tripled, with the company's recent Merrill Lynch acquisition contributing more than $3 billion to its bottom line, but net charge-offs rose and losses in its credit-card business ballooned.
Major bank stocks had rallied over the last month but fundamental questions linger for the sector. The industry's ability to extend credit is still constrained, according to a Wall Street Journal analysis of Treasury Department data.
The Dow Jones Industrial Average was off 250 points, or 3.1%, hurt by a 22% slide in Bank of America. The bank said that its first-quarter net income more than tripled, with the company's recent Merrill Lynch acquisition contributing more than $3 billion to its bottom line, but net charge-offs rose and losses in its credit-card business ballooned.
Major bank stocks had rallied over the last month but fundamental questions linger for the sector. The industry's ability to extend credit is still constrained, according to a Wall Street Journal analysis of Treasury Department data.
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