US STOCKS-Banks weigh down Wall St on fears over growth, interest rates

jueves 11 de febrero de 2016 16:47 GYT

* Cisco shares rally after strong earnings

* Banks sell off on fears of slowdown, low rates

* Indexes down: Dow 1.16 pct; S&P 0.75 pct; Nasdaq 0.15 pct

By Rodrigo Campos

NEW YORK, Feb 11 (Reuters) - Bank shares dragged Wall Street lower on Thursday on concerns the slowing global economy will continue to pressure down interest rates, while energy shares helped pare losses on a report that OPEC may move to cut oil production.

The S&P 500 touched its lowest in two years before bouncing back after the Wall Street Journal reported OPEC was ready to cooperate on production cuts, citing the UAE energy minister.

Financial shares, however, remained near their session lows and were on track to post their largest daily loss in five months.

"There's great fear coming out of the banks," said Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis.

He said the run into safety assets like Treasuries and gold indicated a capitulation among stock investors and "the downside risk from here is less than the upside potential."   Continuación...