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Midday Monday: Losses deepen

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Midday Monday: Losses deepen

FollowingFriday's losses,broader markets further retreated during morning trading Monday, Sept. 26.Around midday, the Dow Jones Industrial Average slid 0.69% to 18,136.02, theS&P 500 decreased 0.54% to 2,153.07 and the Nasdaq composite index slipped0.68% to 5,269.54.

Bank andthrift stocks also headed south, with the SNL U.S. Bank index dropping 0.99% to412.28 and the SNL U.S. Thrift index declining 0.81% to 828.94.

was down0.83% to $45.36 around midday. The company was hit by another , this time by formeremployees who claim that senior bankers as high up as CEO John Stumpf knew thatimproper methods were being used to reach quotas.

Inaddition, six U.S. senators wrote to Stumpf, accusing the bank of usingarbitration clausesto help keep the issue out of the public eye, among other concerns. Unnamedsources also told The Wall Street Journalthat Wells Fargo hired law firm Shearman & Sterling for counsel onclawing back pay fromStumpf, COO Timothy Sloan and former community banking head Carrie Tolstedt.

fell1.29% to $66.38, CitigroupInc. sank 1.48% to $46.45 and Bank of America Corp. dropped 1.13% to $15.35. Sourcestold Reuters that BofA is slashing about 24 investment banking jobs in Asiastarting this week.

'sstock traded 1.62% lower to $24.01 around midday.

In thethrift space, New York CommunityBancorp Inc. decreased 1.69% to $14.52, fell 1.72% to$14.84, TFS Financial Corp. (MHC)tumbled 0.78% to $17.86 and BofIHolding Inc. dropped 3.71% to $21.62.

In economicnews, the U.S. Census Bureau and the U.S. Department of Housing and UrbanDevelopment reported that sales of new single-family homes in the U.S. were ata seasonally adjusted annual rate of 609,000 in August, down 7.6% from therevised July rate of 659,000 but 20.6% above the August 2015 estimate of505,000.

Market prices and index values are current asof the time of publication and are subject to change.