Summary Box: Banks, airlines lead stocks lower

AP News
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Posted: Jun 06, 2011 5:30 PM
Summary Box: Banks, airlines lead stocks lower

BANKS TUMBLE: The biggest U.S. banks declined 2 percent or more following a speech by a Federal Reserve board member Friday indicating that banks may be required to set aside more cash to cover potential losses.

AIRLINES FALL: Airlines stocks dropped after an industry group cut its profit estimates for this year by half. The group blamed disasters in Japan, unrest in the Middle East and higher fuel prices.

THE INDEXES: The Dow Jones industrial average fell 61.30 points to 12,089.96. The Standard & Poor's 500 index dropped 13.99 points to 1,286.17. The Nasdaq composite fell 30.22 to 2,702.56.