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Financials stocks skid in early action

Jul 1, 2008 Market Outlook

NEW YORK (MarketWatch) — U.S. financial stocks fell early Tuesday, as the
Financial Select Sector SPDR , an ETF that tracks the financial stocks in the S&P500, lost 1.2%, while the Amex Securities Broker/Dealer Index slipped 0.3%.
Investors are closely eyeing financial firms as the third quarter begins, and are
maintaining negative outlook as the credit crisis continues to weigh. Swiss bank
UBS retreated 4.7% on news of a Justice Department probe and possible
write-downs. On the positive side, shares of Lehman rebounded to climb 1.7% a day
after the bank fell 11% and faced new rumors about its liquidity. Commercial
finance company CIT Group Inc. rose 14.3% after announcing it will exit the home
lending business.

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Technorati Tags: Amex, Broker Dealer, Cit Group, Cit Group Inc, Commercial Finance Company, Credit Crisis, Dealer Index, Early Tuesday, Etf, Financial Stocks, Justice Department Probe, Lehman, Liquidity, Marketwatch, Negative Outlook, P500, Sector Spdr, Securities Broker, Swiss Bank, Ubs

Tags: Amex, Broker Dealer, Cit Group, Cit Group Inc, Commercial Finance Company, Credit Crisis, Dealer Index, Early Tuesday, Etf, Financial Stocks, Justice Department Probe, Lehman, Liquidity, Marketwatch, Negative Outlook, P500, Sector Spdr, Securities Broker, Swiss Bank, Ubs