The US markets retreated from a four month high as banking stocks slipped. Several major banks announced large common stock offerings to repay government bailout funds.
Tech stocks however, traded higher after Citigroup upgraded its rating on the software and services sector to "overweight" from "market weight
The Dow declined 155.88 points, or 1.8%, to 8,418.77. The S&P 500 index declined 19.99 points, or 2.2%, to 909.24, while the tech-focused Nasdaq composite index was down 7.76 points, or 0.5%, to 1,731.24.
Tuesday, May 12, 2009
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