29 Apr 2009

Wall St slips on more bank woes

8:54 am on 29 April 2009

Stocks in the United States fell on Tuesday on fresh reports that major banks may need to raise more capital.

Worries are also held over the economic impact from a new strain of flu linked to dozens of deaths in Mexico.

US regulators have told Citigroup Inc it may need to raise more capital.

The Wall Street Journal reported that Bank of America also is talking to the government about its capital condition and the shortfall could amount to billions of dollars.

However, a decline in US house prices slowed in February while consumer confidence in April had its biggest jump in more than three years.

The Dow Jones industrial average slipped 8.05 points, or 0.10%, to 8,016.95.

Standard & Poor's 500 Index dropped 2.35 points, or 0.27%, to 855.16. The Nasdaq Composite Index declined 5.60 points, or 0.33%, to 1,673.81.

Trading was light on the New York Stock Exchange, with about 1.25 billion shares changing hands - below last year's estimated daily average of 1.49 billion.

About 2.10 billion shares were traded on the Nasdaq - below last year's daily average of 2.28 billion.