US STOCKS-Banks drag Wall St lower as growth fears, rate outlook weigh

jueves 11 de febrero de 2016 18:02 GYT
 

* Cisco shares rally after strong earnings

* Financials sell off; sector ends at lowest since Oct 2013

* Indexes down: Dow 1.6 pct; S&P 1.2 pct; Nasdaq 0.4 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 interest rates, while energy shares helped pare losses late in the session.

Volume was high as the S&P 500 touched its lowest in two years at its session low but shaved half its loss by the close after the Wall Street Journal reported OPEC was ready to cooperate on crude oil production cuts, citing the UAE energy minister.

The energy sector of the S&P ended down 0.4 percent after earlier falling 3 percent.

Financial shares, however, closed near their session low and the sector ended at its lowest since October 2013. Bank of America, down 6.8 percent at $11.16 and JPMorgan , down 4.4 percent at $53.07, were the largest drags on the S&P 500.

"The fear is we're headed for global recession," said Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis.   Continuación...