Stock indexes dip for a third straight day as banks stumble
NEW YORK — After an early-afternoon slump, stocks finished mostly lower Monday in a quiet day of trading. Banks fell along with bond yields as stocks declined for a third straight day.
Lower bond yields hurt banks because they force interest rates down on mortgages and other kinds of loans. Utility companies gave up some of their recent gains.
Most sectors didn't move much on the lightest trading day of the year. European markets mostly fell after the British government said it will formally begin the process of leaving the European Union next week.
Sameer Samana, a strategist for the Wells Fargo Investment Institute, said politics may keep investors occupied for the next few weeks as they wait for elections in France and a European Central Bank meeting, both next month, while legislators debate the proposed health care law.
The Standard & Poor's 500 index lost 4.78 points, or 0.2 percent, to 2,373.47. The Dow Jones industrial average slipped 8.76 points to 20,905.86. The Nasdaq composite rose 0.53 points to 5,901.53. The Russell 2000 of small-company stocks fell 7.43 points, or 0.5 percent, to 1,384.10.