Bank stocks surged on Wall Street, boosted by relief over a deal on sweeping new banking regulation laws aimed at preventing another global financial crisis.But the gains failed to wipe out more than a fraction of the broader market's heavy losses for the
Bank stocks surged on Wall Street, boosted by relief over a deal on sweeping new banking regulation laws aimed at preventing another global financial crisis.
But the gains failed to wipe out more than a fraction of the broader market's heavy losses for the week.
The legislation will impose new capital requirements on banks and for the first time extend comprehensive regulation to the over-the-counter derivatives market. American Express gained 3.9%, while JP Morgan climbed 3.7% and Bank of America rose 2.7%
The Dow Jones Industrial Average closed the week at 10,143.81, down 8.99 points, or 0.01%. The index fell 2.94% for the week.
The Nasdaq Composite climbed 0.3% to 2223.48, a 3.7% drop for the week. The S&P 500 index climbed 0.3% to 1076.76 but finished the week 3.65% lower. The financial sector led the measure's gains while the consumer-staples sector lagged.
The Dow's consumer components led its decline after a downward revision to the government's estimate of first-quarter economic growth. Coca-Cola dropped 3% and Wal-Mart Stores slid 2.5%.
Other markets: Europe, Asia down
European stocks slid as worries about the global economy mounted after Wednesday's downbeat comments by the US Federal Reserve and sharp declines in Greek government-bond prices.
Bank stocks tumbled ahead of this weekend's Group of 20 meeting in Canada focused on banking overhauls, and because Europe's banks are big holders of government debt.
The Stoxx Europe 600 index fell 1.8% to 249.78.
The UK FTSE 100 dropped 1.5% to 5100.23. Tesco rose 0.9% after Warren Buffett's Berkshire Hathaway went shopping for the supermarket chain's shares this week.
Germany’s DAX dropped 1.4% to 6115.48 and the French CAC 40 slid 2.4% to 3555.36. BNP Paribas fell 5%.
Major Asian markets retreated. Japanese stocks took the biggest fall as exporters lost more ground on worries the yen would continue to strengthen and on fears the government might increase the consumption tax rate.
Japan's Nikkei Stock Average lost 1.9% to 9737.48, while Australia's S&P/ASX 200 shed 1.5% to 4413.00 for a fourth-straight drop.
Korea's Kospi lost 0.6% to 1729.84, Taiwan's Taiex shed 1.5% to 7474.71, China's Shanghai Composite Index lost 0.5% to 2552.82 and the Hang Seng Index slid 0.2% to 20,690.79 in Hong Kong.
India's Sensex gave up 0.9% to 17,574.53 while Singapore's Straits Times rose 0.1% to 2851.64.
Commodities: Oil, gold up
Crude-oil futures hit seven-week highs on worries that a developing storm system in the Gulf of Mexico could disrupt oil production just as petrol demand is gaining traction.
Light, sweet crude for August delivery rose $US2.35, or 3%, to $US78.86 a barrel in New York, the highest settlement price since ending at $US79.97 a barrel on May 5.
August North Sea Brent crude on the ICE futures exchange rose $US1.65, or 2.2%, to $US78.12 a barrel.
Gold futures gained as investors moved into the metal as a safe-haven after the US first-quarter gross domestic product figures were revised lower.
The most-actively traded contract for August delivery rose $US10.30, or 0.8%, to settle at $US1256.20 in New York.
Currencies: Euro up, dollar down
The euro recovered earlier losses against the dollar in a pattern seen all this week. The euro has fallen in Asian and European trading, but regained lost ground during the North American session.
The euro reached a high at $US1.2396 before receding slightly. The greenback retreated against all its widely traded rivals except the yen, losing to the UK pound, Swiss franc and commodity-based currencies like the Australian and Canadian dollars.
The euro was at $US1.2386, from $US1.2325 late on Thursday. The dollar was at ¥89.44, from ¥89.49, while the euro was at ¥110.77 from ¥110.29. The UK pound was at $US1.5030 from $US1.4923 late on Thursday.
