Stocks finish lower

July 9, 2008 1:21:33 PM PDT
Stocks staged a late session swoon. Investors remain nervous about the outlook for financial firms ahead of quarterly earnings reports. Shares of financial services companies led the decline, including government-sponsored lenders Freddie Mac and Fannie Mae. Brokerage giant Merrill Lynch also dropped, after Fitch Ratings put its long-term credit default rating on watch for a possible downgrade.

The Dow fell 236 points to 11,147.

The S&P 500 dropped 29 points to 1,244.

The Nasdaq composite lost shed than 2.5 percent of its value, losing nearly 60 points to 2,234.

Declining issues led advancers by a 2 to 1 margin.

NYSE volume was nearly 5 billion shares. Nasdaq stock market volume was more than 2.2 billion shares.