Banks, brokers fall on gloomy consumer data
By Alistair Barr, MarketWatch
Last Update: 11:43 AM ET May 16, 2008
SAN FRANCISCO (MarketWatch) — Bank and brokerage shares fell in early trading
Friday, coming under pressure amid unexpectedly gloomy consumer-sentiment data.
In addition, Standard & Poor’s spelled out the degree to which financial-services
companies have acted as an earnings drag on the S&P 500 Index (SPX).
The U.S. consumer sentiment index for May fell to 59.5 from 62.6 in April,
according to a report from the University of Michigan and Reuters. Economists
surveyed by MarketWatch had expected a reading of 61.
The expectations index fell to 51.7, marking the lowest seen since 1990 and down
from 53.3 in April. The current conditions index declined to 71.7 — the lowest
level since 1980.
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