Straight Day
Stocks fall for 3rd straight day on bank worries
NEW YORK – Stocks retreated Friday for the third straight day on fresh concerns about President Barack Obama’s proposed restrictions on banks.
The market is extending losses that gave the Dow Jones industrial average its biggest two-day drop since June. Not even upbeat earnings from General Electric and McDonald’s were able to offset the new worries.
Obama spooked the market Thursday after asking Congress for limits on how large big banks can be and to end some of the risky trading large financial companies have used in recent quarters to boost profits.
“It appears to be a move to put some shackles on risk takers,” Mitch Schlesinger, managing partner at FBB Capital Partners in Bethesda, Md., said of the new proposals.
That could push the market into a new period of uncertainty, and in turn, erratic trading. S
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