Summary Box: Banks stocks lead market lower

AP News
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Posted: Sep 01, 2011 6:09 PM
Summary Box: Banks stocks lead market lower

RALLY OVER: Stocks fell, ending a four-day rally, after regulators took action against a former Goldman Sachs subsidiary over its mortgage and foreclosure practices. Investors were also worried that a jobs report due out Friday could revive fears of a new recession.

UP, THEN DOWN: The Dow Jones industrial average fell 119.96 points, or 1 percent, to 11,493.57. It rose as many as 103 points shortly after 10 a.m., when a manufacturing report showed evidence of growth in August. It turned lower after regulators announced enforcement actions against a former subsidiary of Goldman Sachs at 1:30 p.m.

RETAIL SALES: Retailers rose after several companies reported August sales gains that beat analysts' estimates.