KKTV - Economy - Headlines

Stocks Tumble On Fresh Worries About Banks

NEW YORK (AP) -- The dawn of the Obama presidency was not enough to shake Wall Street from its dejection over the banking industry's growing problems.

After hearing the new president's inaugural address Tuesday, investors went back to unloading stocks. Financial companies led the market lower as investors worried about the state of the world's banks.

The market's angst, which began with multibillion losses reported last week by Bank of America Corp. and Citigroup Inc., intensified after the Royal Bank of Scotland's forecast that its losses for 2008 could top $41.3 billion.

The Dow Jones industrial average is down 332 points at 7,949 level. That's a decline of 4 percent. Broader indexes fell more than 5 percent.


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