Believe it or not, a drop of more than 1% for the Dow Jones Industrials
But when you look more closely at the Dow, you can see particular areas of weakness:
- Old-school industrial stocks are under the most pressure. Alcoa
and Caterpillar (NYSE: AA) are both down more than 2%, with Caterpillar facing ongoing labor strife in addition to fears about increasingly unfavorable macroeconomic conditions around the world. Alcoa, meanwhile, remains hurt by the ongoing slump in aluminum demand -- something that will take a strong economic rebound to fix. (NYSE: CAT)
- Banks are also among the hardest-hit stocks today. In addition to Europe's woes, Bank of America
is taking criticism for following through on its settlement with government regulators by attempting to modify underwater mortgages for delinquent homeowners. With the intent to mail out more than 200,000 letters, some see the bank as rewarding those who've given up trying to pay, at the expense of those who've acted in good faith to try to meet their mortgage obligations. (NYSE: BAC)
On the other hand, some stocks stand out from their peers in their weakness. For instance, Hewlett-Packard
Be a survivor
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Fool contributor Dan Caplinger doesn't own shares of the companies mentioned. You can follow him on Twitter here. The Motley Fool owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool has a disclosure policy.