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The Honolulu Advertiser
Posted on: Tuesday, May 12, 2009

Last week's bank stock rally dives as investors look ahead


Associated Press

NEW YORK — The financial stocks that fueled Wall Street last week ran dry yesterday.

Bank shares dragged the market lower as traders worried that stocks, and particularly the hard-hit financials, had risen too quickly since the stock market's rally began two months ago.

Some of last week's relief over the reassuring marks most banks earned during government "stress tests" evaporated yesterday as investors looked ahead.

The sell-off wasn't across the board and trading was light compared with last week. That suggests many buyers were taking a break, and not that sellers were out in force.