Dow down 131. Down all session – down 166 at worst. All ten...

Dow down 131. Down all session – down 166 at worst. All ten sectors down – 78% of S&P companies down. S&P500 down – the first time in four days. Dow at a three month low. Fifth Third Bancorp (Ohio’s second largest bank) announced it will raise $1bn in new capital, sell $1bn in assets and cut its quarterly dividend by 66% to shore up its balance sheet – comes the day after Goldmans said that US banks still need to raise $65bn in new capital. The S&P500 Regional Banks Index had its biggest drop ever and Fifth Third Bancorp had its biggest one-day fall in 28 years. Financials down 1.2%- down 2.5% at worst – hitting their lowest levels since 2003. Talk of Lehmans being forced into a sale. Goldman Sachs was one of the few financial stocks to rise after positive research post yesterday's results. S&P500 earnings fell 19% on average in the 1st Q – the third straight quarter of lower profits - the longest stretch of declines since 2002. FedEx’s earnings missed expectations and issued an ugly outlook for the US economy. Tech stocks down - Nasdaq down 1.1%.