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By Greg Morcroft and Val Brickates Kennedy, MarketWatch BOSTON (MarketWatch) — Financial stocks slid Friday as the broader market retreated in the wake of a disappointing sales forecast from retailer Gap Inc. and heightened concerns about the Greek economy.
The Financial Select Sector SPDR /quotes/comstock/13*!xlf/quotes/nls/xlf XLF -1.38% , which tracks the financial stocks in the Standard & Poor’s 500 Index /quotes/comstock/21z!i1:in\x SPX -0.77% , fell 1.4%.
WSJ's Bob Davis reports on Dominique Strauss-Kahn's release from prison on bail, and how his resignation from the IMF has touched off a scramble for the monetary fund's top post.
The four financial stocks in the Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed DJIA -0.74% — Bank of America Corp. /quotes/comstock/13*!bac/quotes/nls/bac BAC -0.94% , J.P. Morgan Chase & Co. /quotes/comstock/13*!jpm/quotes/nls/jpm JPM -1.98% , Travelers Cos. Inc. /quotes/comstock/13*!trv/quotes/nls/trv TRV -0.89% and American Express Co. /quotes/comstock/13*!axp/quotes/nls/axp AXP -1.22% — were lower.
Bank of America lost 0.9%, while J.P. Morgan was off by 2%. Travelers retreated 0.9% and American Express fell 1.2%.
Morgan Stanley’s /quotes/comstock/13*!ms/quotes/nls/ms MS -1.93% shares dipped 1.9% following news that FrontPoint Partners LLC, in which the company holds a minority stake, will close some of its hedge funds by the end of the month. Read more about FrontPoint.
U.S. Bancorp /quotes/comstock/13*!usb/quotes/nls/usb USB -2.36% and Goldman Sachs Group Inc. /quotes/comstock/13*!gs/quotes/nls/gs GS -3.12% were the sharpest decliners among large-cap financial stocks, with shares of Bancorp losing 2.3% and Goldman 3.1%.
Wells Fargo & Co. /quotes/comstock/13*!wfc/quotes/nls/wfc WFC -2.13% shares were down 2.1%.
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Greg Morcroft is MarketWatch's financial editor in New York. Val Brickates Kennedy is a reporter for MarketWatch in Boston. View the original article here
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