MW: U.S. stocks sink as financials give back gains
U.S. stocks fell steeply on Thursday, stepping back from the prior day's rally, with financial shares fronting the declines. "Financials are giving quite a bit back after starting the day out in good shape," said Owen Fitzpatrick, head of U.S. equity group at Deutsche Bank. The Federal Reserve's latest move to bolster the economy is a "positive step, but we're still a ways from saying banks are in great shape," Fitzpatrick added. The Dow Jones Industrial Average fell 80.05 points to 7,406.53. The S&P 500 fell 7.3 points to 787.05. The Nasdaq Composite dropped 8.61 points to 1,482.61.
