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IPFS News Link • Economy - Economics USA

Dow Tanks 520 Amid Ongoing Euro Zone Banking Fears

08-10-2011 • CNBC.com

Financials led the market lower. Bank of America [BAC 6.77 -0.83 (-10.92%) ] tumbled after the financial giant agreed to sell part of its home-loan portfolio to Fannie Mae in an effort to shed assets and pare its exposure to an array of mortgage woes, according to the Wall Street Journal. Meanwhile, KBW cut its price target on BofA to $10 from $11.50. BofA has plunged about 15 percent over the last week.

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Reported By Jack Gregson

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