Stocks Finish Well Off Lows as Dip Buyers Step In: Markets Wrap
- US lenders decline after Moody’s cuts ratings, warns on risks
- Harker says Fed may now be at point where it can hold steady
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Stocks trimmed losses as dip buyers emerged following a slide driven by worries about the financial system and the economy. Bonds rose.
Equity declines waned in afternoon New York trading, with the S&P 500 finishing down by 0.4%. Apple Inc. halted its longest losing streak this year. Eli Lilly & Co. led gains in health-care companies after sales of its weight-loss treatment blew past expectations and a new study raised the prospect that its drug could benefit heart disease as well. Banks fell as Moody’s Investors Service downgraded 10 small and midsize American lenders and said it may do the same with a handful of major firms.