Most financial stocks were pounded even as government agencies led by the Treasury Department have said they will launch a revamped bank rescue program. It includes the option of increasing government ownership in financial institutions without having to pour more taxpayer money into them.
The Dow Jones industrial average is down 250 at 7,114. The Standard & Poor's 500 index is down 26 at 743, while the Nasdaq composite index is down 53 at the 1,387.
Declining stocks outnumbered advancers by about 6 to 1 on the New York Stock Exchange. Volume came to a moderate 1.61 billion shares.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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