Tuesday, February 22, 2011

Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM) Lead Stocks Down, Energy Jumps

Stocks traded down amid investor nervousness over events unfolding in Libya and throughout the Middle East, and as retailers delivered mixed earnings reports.

The Dow Jones Industrial Average fell more than 90 points following three weeks of gains and reaching its highest level since June 5, 2008.

Among Dow components, Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM) and Wal-Mart (NYSE:WMT) led decliners, while Chevron (NYSE:CVX) rose.

The S&P 500 and the Nasdaq also sank after both indices also posted three straight weeks of gains and ended last week at new multi-year highs.

Most key S&P 500 sectors remained lower, led by financials, industrials and technology. Energy rose.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, soared more than 16 percent to above 19.

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