Bloomberg News

U.S. Stocks Retreat as Financial Shares Drop, Euro Erases Gain

October 19, 2011

Oct. 19 (Bloomberg) -- U.S. stocks fell as financial shares reversed gains and the euro erased its advance as a split between France and Germany emerged on proposals to increase the European bailout fund. Apple Inc. led technology shares lower.

The Standard & Poor’s 500 Index slid 0.8 percent to 1,215.71 at 2:08 p.m. in New York as financial shares retreated 1.1 percent as a group, reversing an earlier 1.5 percent rally. More than two stocks fell for each that rose on U.S. exchanges. The euro was little changed at $1.3762 after climbing 0.9 percent earlier. The S&P GSCI Index of commodities fell 0.8 percent.

European leaders assembled in Frankfurt to narrow divisions four days before a summit meant to tame the region’s sovereign debt crisis. France and Germany split on the role of the European Central Bank in boosting the euro rescue fund as banks lobbied against forced recapitalizations and deeper writedowns of Greek debt.

--Editor:

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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