Frustrating a six-week Wall Street rally, the stock market suffered a 3.5% loss last Monday, April 20, 2009. The recent decline in the Dow Jones Industrial Average on Monday will be the worst one day decline since the beginning of March when the Average reached its lowest point in 12 years.
Adding to the downturn was a 23% drop in Bank of America. Despite announcing a net income increase in the first quarter of more than triple, including the purchase of Merril Lynch recently adding more than 3 billion dollars to its bottom line, B of A still experienced a net loss due to a rise in “charge-offs” and huge losses in its credit-card business.
For more complete discussion of this issue you may follow the link to: ‘U.S. Stocks Lower as Banking Concerns Lead to Broad Sell-Off.’