For a brief moment this morning, the market looked poised for a decent performance. But some bright data out of Italy is being eclipsed by news from the European Central Bank that shows the institution has seen an uptick in loans to European banks. The size of the ECB’s balance sheet has reached a new record. That’s curbing investors’ risk appetite, sending stocks and Treasury yields lower in afternoon trading.
The Dow was recently off by about120 points, or 1%, and the S&P 500 was also down about 1%. Financial stocks were sliding, with Bank of America (BAC) off by 3.3%. Energy stocks also fell, as Nymex crude futures dipped below $100 per barrel.
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