News Summary: Weak earnings drag stocks lower

AP News
Posted: Aug 07, 2013 5:21 PM

THREE-DAY DROUGHT: Disappointing earnings news and a slump in bank stocks tugged the stock market down Wednesday, giving major indexes their first three-day drop since June.

BANKS: Banks had some of the biggest losses following news that the government filed lawsuits against Bank of America. The Justice Department and the Securities and Exchange Commission said the country's second-largest bank failed to tell investors about the risks involved in a 2008 sale of mortgage-backed bonds.

FINAL SCORE: The Standard & Poor's 500 index fell 6.46 points, or 0.4 percent, to close at 1,690.91. The Dow Jones industrial average fell 48.07 points, or 0.3 percent, to 15,470.67.