Financial stocks stumble, but consumer prices offer optimism
Associated Press
NEW YORK — Stocks mostly fell yesterday, though health shares gained as the Senate made tentative steps on a healthcare overhaul plan.
Financial stocks saw some of the biggest losses after Standard & Poor's cut its ratings and revised outlooks on big banks. S&P cited concerns that the financial industry will remain volatile and that banks are expected to face tighter regulatory oversight.
In a bright spot, consumer prices rose less than forecast in May. Investors have been worrying that rising prices would threaten a recovery in the economy by curbing demand.