[BRIEFING.COM] The major indices spent the entire session in the red, but some afternoon buying helped pull stocks up from their lows. Early weakness was underpinned by the financial sector, but the afternoon ascent was generally broad-based. Stocks were led lower by financials in the early going. Financials (-2.9%) were put under pressure when a reputable analyst from Calyon Securities gave a pessimistic analysis of the banking industry by stating that banks' loan losses relative to their total loans should increase to levels that exceed those of the Great Depression. ">[BRIEFING.COM] The major indices spent the entire session in the red, but some afternoon buying helped pull stocks up from their lows. Early weakness was underpinned by the financial sector, but the afternoon ascent was generally broad-based.
Stocks were led lower by financials in the early going. Financials (-2.9%) were put under pressure when a reputable analyst from Calyon Securities gave a pessimistic analysis of the banking industry by stating that banks' loan losses relative to their total loans should increase to levels that exceed those of the Great Depression.
