Summary Box: Stocks slide after Germany curbs hope

AP News
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Posted: Oct 17, 2011 5:34 PM
Summary Box: Stocks slide after Germany curbs hope

NOT SO FAST: Expectations that a solution to the crisis could be reached at a European summit in Brussels Oct. 23 helped lift stocks last week. Germany's finance chief Wolfgang Schaeuble said Monday those expectations were too optimistic.

INDEXES DROP: It was the worst day for U.S. stock indexes since Oct. 3, when each hit a low for the year. The Dow Jones industrial average dropped 2.1 percent to close at 11,397. The S&P 500 index lost 1.9 percent to 1,200.86.

BANKS: Bank stocks fell hard. Wells Fargo sank 8 percent after posting results that fell short of analysts' expectations.