Stock Market Wrap - Bad News Too Heavy to Hold

The broad indices moved lower on Tuesday on mostly sour news. Washington Mutual (NYSE: WM) indicated it would take a nice sized loss, stop dealing with mortgage brokers and slash its dividend. The shares moved lower by almost a double digit percentage. Looks like Goldman Sachs (NYSE: GS) was correct this morning in singling out regional banks as one of the groups it remained cautious about.

Meanwhile, the FOMC meeting minutes from March showed concerns about everything, ranging from deep recession to inflation. Pending home sales broke a record, but on the low end, and consumer confidence continues soft.



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