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0.18%XLF 19.94 0.35%
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NEW YORK (AP) - Diversified financial-services stocks dropped Tuesday morning as investors reacted to quarterly losses by government-sponsored mortgage company Fannie Mae, homebuilder D.R. Horton Inc. and Swiss bank UBS, as well as to rising oil prices.
After a recent rebound in Wall Street's confidence, the disappointing first-quarter results from the financial and homebuilding sectors drained some of that optimism about an economic rebound.
Also stoking investor concerns, crude oil rose to a record price of $121.49.
How shares of some diversified financial companies were performing Tuesday morning:
Bank of America, down 85 cents, or 2.2 percent, to $38.12.
CIT Group Inc., down 42 cents, or 3.3 percent, to $12.17.
Citigroup, down 24 cents to $12.35.
JPMorgan Chase & Co., down 58 cents to $47.42.
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