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Stocks fall in midday trading; Bank of America jumps on news of Buffett's investment
NEW YORK (AP) ' Stocks are falling in midday trading, erasing early gains. Bank of America Corp. led other bank stocks higher on news that Warren Buffett will invest $5 billion in the bank.
BofA jumped 12 percent in early trading. Morgan Stanley and Citigroup Inc. rose 3 percent.
The rest of the market turned lower. Apple Inc., the world's largest technology company, fell 1 percent after CEO Steve Jobs resigned late Wednesday.
Oil fell and Treasurys rose after the government reported an increase in the number of applications for unemployment benefits last week.
The Dow Jones industrial average fell 129 points, or 1 percent, to 11,192 in midday trading.
The S&P 500 index fell 12 points, or 1 percent, to 1,164. The Nasdaq fell 29 points, or 1.2 percent, to 2,438.